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Two USA traders cheated of over eight-crore; complaint against six people registered

The cases were registered against one Suruli Singaravel, one Siva Singaravel, the manager of a private bank's branch in West Marret Street, the bank's Chairman and CEO.

Published: 21st August 2020 01:39 PM  |   Last Updated: 21st August 2020 01:39 PM   |  A+A-

money fraud

The duo's bank notified the seller's bank in USA that it received money from Siva and Suruli. (Express Illustrations)

By Express News Service

MADURAI: The Central Crime Branch of Madurai city, on Wednesday, registered three cases against two persons of a company and three officials of a private bank for allegedly cheating two USA traders and a Mumbai trader of Rs 9.3 crore.

The cases were registered against one Suruli Singaravel, one Siva Singaravel, the manager of a private bank's branch in West Marret Street, the bank's Chairman and CEO.

Sources said one Praful Khandhar of USA exported pea and legume to a company run by Suruli and Siva in Madurai. Praful sent the bill and cargo details through a bank from the USA to the bank in Madurai wherein Suruli and Siva have an account. 

The duo's bank notified the seller's bank in USA that it received money from Siva and Suruli. Upon the notification, Praful released the products from Thoothukudi port. He had released Rs 6.92-crore-worth products between July 2016 and September 2017 to the duo's company.

However, Suruli and Siva failed to pay the money to the bank. 

"Though Suruli and Siva were at fault, the bank misinformed the seller that it received the payment," police said. In a similar case, Jayesh Khandar of USA lost Rs 1.77 crore and Manish Gala of Navi Mumbai lost Rs 53 lakh in the same period.

On complaint from traders Jayesh and Praful from USA, the CCB registered two separate cases against six persons. 

The third case was against Suruli and Siva on a complaint from one Manish Gala of Navi Mumbai.



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