CBI arrests officer of Standard Chartered Bank for taking bribe, seizes Rs 18 lakh
CHENNAI: The Central Bureau of Investigation has arrested an officer of Standard Chartered Bank, Chennai for demanding and accepting a bribe of Rs 3 lakh to help and support a favourable settlement on OTS, an agreement wherein defaulting borrowers agree to pay part of the dues in order to stop banks from taking legal action against them.
The CBI said in a statement that it conducted searches in Chennai at the premises of an officer of Standard Chartered Bank and recovered cash of Rs 18 lakh approximately, property documents and locker keys in the case related to bribery.
It is learnt a case has been registered against the Authorized Officer, Standard Chartered Bank, Group Special Assets Management, Rajaji Salai, Chennai on the allegations of demanding undue advantage of Rs 3 lakh from the complainant (representative of borrower firm) to help and support for favourable settlement on OTS and win the case pending in Debts Recovery Tribunal (DRT) in the matter of immovable properties offered as collateral securities in the loan availed from Standard Chartered Bank.
It was further alleged that the complainant’s firm had availed OD/Term Loan facilities from Standard Chartered Bank, D B Branch, Coimbatore for a total amount of Rs 27.70 crore approximately during the period from 2005 to 2016 with sufficient collateral. The bank accounts became a non-performing asset with an outstanding amount of Rs 26.37 crore approximately as on April 30, 2017. It was also alleged that Standard Chartered Bank initiated action Under Sarfaesi Act, 2002, and the accused was the Authorized Officer to dispose of the immovable properties of the borrowers which were mortgaged as collateral.
The properties were allegedly sold by auction for a total amount of Rs 22.11 crore approximately in January 2021 against a market value of Rs 61.5 crore approximately as claimed by the borrower. Aggrieved by the sale, the borrower filed a case before the Debts Recovery Tribunal court, Coimbatore during February, 2021 and got a stay order against the sale. Since the matter was pending before the DRT, the accused demanded undue advantage of Rs 3 lakh from the complainant to help and support the borrower.
The CBI's statement said the agency laid a trap and caught the accused red-handed while accepting the bribe. The accused was arrested and produced before the court of Principal Special Judge for CBI Cases, Chennai and remanded to judicial custody till March 3, 2021, the release added.