Syndicate Bank is facing another scam. Some four businessmen had managed to open 386 accounts in three branches of the bank in Rajasthan allegedly in connivance with five of its executives and defrauded it of Rs 1000 crore using fake cheques, letter of credits and LIC policies. The executives and the businessmen have been named in an FIR registered by the CBI after which it carried out searches at 10 locations spread in Delhi NCR, Jaipur and Udaipur. CBI has registered cases against a GM, a DGM, an AGM and two chief managers of the bank. All these officials have been suspended by the bank and a complaint was filed with CBI on the basis of which the agency has registered the case. According to news reports, the accused businessmen in connivance with the bank officials resorted to discounting of fake cheques and bills against fake Letters of Credit and arranging over-draft limit against non-existent LIC policies. The operations were going on from 2011 till 2016 when it was unearthed.
