CHEATING: CBI files chargesheet against 1 for cheating IOB

Jalandhar,December,28,2012  : The Central Bureau of Investigation has filed a chargesheet against a private person based at Guntur (Andhra Pradesh) U/s 420 IPC in the Court at Vijayawada(Andhra Pradesh) for allegedly cheating the Indian Overseas Bank to the tune of about Rs.318.13 lakh.

A case was registered on 06.01.2012 U/s 120-B r/w 420 of IPC against the accused on the basis of a complaint from Indian Overseas Bank, Central Office, Chennai.

It was alleged that the accused had entered into a criminal conspiracy with some unknown persons to cheat the Indian Overseas bank by way of making a large number of transactions through the two ATM debit cards issued in his name by the Indian Overseas Bank (IOB) despite having insufficient balances in his both the bank accounts linked to the said two ATM cards.

The accused during the period 06.09.2010 to 31.05.2011 made a total number of 3692 transactions by using the two debit cards with different merchants based in Australia and made purchases to the tune of    about Rs. 318.13 lakh, causing loss to the bank.

Searches were conducted by CBI at the premises of accused which led to recovery of a large number of expensive items, like Laptops, high-end cameras, I-pods etc. which were allegedly purchased out of the bank’s money. The accused was also arrested during the course of investigation. The investigation also involved technical angles involving roles of various vendors,  Reconciliation agency, Switch provider etc. The charge slips of the transactions made in Australia were also recovered during investigation.