Mystery of the missing bank scam accused

Source : BUSINESS_STANDARD
By : R Krishna Das
Last Updated: Tue, Jul 23, 2013 07:08 hrs
A cashier counts currency notes as customers wait inside a bank in Hyderabad

The prime accused of the Indira Priyadarshini Mahila Nagarik Cooperative Bank, Umesh Sinha had gone "missing" after creating a political turmoil in Chhattisgarh.

Sinha, the then bank manager, had come into the limelight when Congress leaders released a CD on Saturday revealing the transcript of his narco-analysis test conducted in Bangaluru in 2007. The bank manager had reportedly named Chhattisgarh Chief Minister Raman Singh and four of his ministers for receiving huge pay-off after the scam hit.

The Bank that was ran by Congress leaders and their relatives went bust after the board of directors siphoned off over Rs 54.38 crore. The fraud was committed through false fixed deposit receipts (FDR), demand drafts, pay orders and disbursement of loans on the basis of fake documents. The Reserve Bank of India revoked the bank's licence in September 2007.

The other beneficiaries of the alleged shady deal included state's senior ministers Brijmohan Agrawal, Amar Agrawal, Ramvichar Netam, Rajesh Munat and the then Director General of Police O P Rathor. Sinha had been shown stating that Rs 1 crore was paid to each for the favour after the scam that duped 25,000 account holders was exposed.

The man who created political storm in the state that goes to the polls in November had gone missing. His house in Amrapali society had not occupant barring a maid, who expressed her innocence about his whereabouts. Sinha was granted bail in 2010.

"I have doubts that state government is involved in his (Sinha's) missing," Bhupesh Baghel, the programme coordinator of Chhattisgarh Pradesh Congress Committee, said here today afternoon. The missing is mysterious as he was the only link to reveal why such a huge pay-off was given to the chief minister, ministers and others, he added.The police officials however said they too did not have any information about Sinha. "He was arrested and got bail later," a senior police official said. The police cannot keep an eye on the movement of a person who had been out on bail, he added.


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