Standard Chartered Bank executive held for taking bribe from borrower
A Standard Chartered Bank official was arrested by the Central Bureau of Investigation (CBI) while taking a bribe of Rs 3 lakh from a borrower. The CBI later raided the premise of the officer and recovered Rs 18 lakh in cash, property documents and locker keys. A case has been registered against the accused – Rajendran, an authorized officer, group special assets management, Standard Chartered Bank, Rajaji Salai, Chennai.
The accused had allegedly demanded a bribe Rs 3 lakh from a representative of borrower firm in lieu of help and support for a one-time settlement of a loan default case pending in Debts Recovery Tribunal (DRT).
It borrower firm had availed over draft facilities/term loan from DB Branch, Coimbatore of Standard Chartered Bank for a total amount of Rs 27.7 crore from 2005 to 2016 against collateral. The loan accounts became NPA with the outstanding of Rs 26.37 crore as on 30 April 2017.
After the loan became NPA, 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 sold by auction in January this year for a total amount of Rs 22. 11 crore 2021 against the market value of Rs. 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 stay order against the sale. Since the matter was pending before the DRT, the accused demanded Rs 3 lakh from the complainant to help and support the borrower.
CBI laid a trap and caught the accused red handed while accepting the bribe of Rs. 3 lakh from the complainant.
The accused was arrested & produced before the court of Principal Special Judge for CBI Cases, Chennai and was remanded to judicial custody till 03 March 2021.
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