CHENNAI: The Central Bureau of Investigation has arrested an officer of the Standard Chartered Bank in Chennai for allegedly demanding and accepting a bribe of Rs 3 lakh. He took the money to support a favourable settlement on OTS an agreement wherein the defaulting borrower agrees to pay a part of the dues in order to stop banks from legal action.
In a statement, the Central agency said that it searched the premises of the officer in Chennai and recovered Rs 18 lakh in cash, property documents, and locker keys. 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, to help the complainant’s firm get a favourable settlement on OTS, and win in the Debts Recovery Tribunal.
It was 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 `27.70 crore approximately during 2005 to 2016 with sufficient collateral. The bank accounts became non performing asset with the outstanding of approximately Rs 26.37 crore as on April 30, 2017.
It was also alleged that the 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 approximately Rs 22.11 crore in January 2021 against market value of approximately `61.5 crore as claimed by the borrower.
Aggrieved by the sale, the borrower filed a case before the Debts Recovery Tribunal court, Coimbatore in February, 2021 and got a stay order against the sale. Since the matter was pending, the accused demanded undue advantage of Rs 3 lakh from the complainant to help the borrower.
CBI laid a trap and caught the accused red handed accepting the bribe. The accused was arrested and produced before the court of Principal Special Judge for CBI Cases, Chennai and was remanded to judicial custody till March 3, the release added.