IndusInd Bank officials booked for fixed deposit fraud; NRI couple lose Rs 4.3 crore

CHENNAI: The Central Crime Branch (CCB) of Chennai police registered a case against the managing director and branch manager of IndusInd Bank after an NRI couple from the United States reported a loss of Rs 4.36 crore through the unauthorised premature closure of their fixed deposits at the bank’s Anna Nagar branch.The victims, Dr Vijay Janakiraman, a leading cardiologist in the US, and his wife, Malliga, are residents of Ashburn, Virginia. Dr Janakiraman had donated Rs 6 crore to establish the Tamil Chair at Harvard University. The couple, aged 77 and 70 years respectively, had fixed deposits at the Anna Nagar branch of IndusInd Bank.According to the complaint filed by their power of attorney-holder, M Ravi of T Nagar, the deposits were closed without the couple’s knowledge or consent, and the funds were transferred to unknown accounts.

Ravi stated that neither he nor the couple had ever received any prior communication through SMS or email about the closures or transactions.

Ravi alleged that the branch staff may have forged financial documents to misappropriate the funds and claimed that repeated attempts to lodge a complaint with the bank and the Reserve Bank of India went unanswered. “We suspect this was an organised act of deception involving forgery and cheating.

The couple has suffered significant financial loss due to the bank’s actions,” Ravi said in his complaint.The matter was taken up by inspector N Minorsamy of the Bank Fraud Investigation Wing, Alpha-1, Central Crime Branch. Based on preliminary inquiry, the police registered a case under Sections 409 (criminal breach of trust), 467 (forgery), 468 (forgery for the purpose of cheating), 471 (using forged documents as genuine), and 420 (cheating) of the Indian Penal Code.Police confirmed that a case was registered against the IndusInd Bank managing director and the Anna Nagar branch manager. Further investigation is under way.