December 5th 2024.
A group of three individuals have been compared to someone buying a lottery ticket, in their attempts to scam a major bank out of millions of dollars. However, despite their efforts, it was revealed that their methods were not very sophisticated and were bound to fail from the start. The trio, consisting of Monika Singh, Davendar Deo, and Srinivas Naidu Chamakuri, were recently found guilty of various fraud-related charges after a lengthy trial in the NSW District Court.
During their sentencing hearing, Chamakuri's lawyer, Troy Edwards SC, acknowledged the need to deter others from attempting similar bank fraud schemes. He emphasized the potential consequences of everyone trying to rip off banks, stating that such actions could ultimately lead to the collapse of the entire banking system. However, Edwards also pointed out that the group's attempts were not successful in obtaining the large sums of money they were after. He compared their efforts to playing the lottery, where one hopes for a big win but knows the chances are slim.
One of the schemes involved Chamakuri and Singh, who was previously a senior associate at NAB's Sydney branch, trying to withdraw nearly $16.9 million in cash using internal bank vouchers. Singh provided the blank vouchers to Chamakuri, who then asked an Indian student he had befriended to fill them out and deposit them. In another attempt, Singh and Deo were convicted of trying to cheat NAB out of an additional $4.8 million using the same fraudulent voucher scheme. Fortunately, NAB's staff intervened and prevented the funds from being transferred, so the bank did not suffer any financial losses.
Edwards pointed out that Chamakuri's approach to depositing the vouchers was flawed and would never have worked. He compared it to trying to deposit the vouchers in an ATM, which was not possible. However, despite their initial failure, the trio attempted the same method four more times in hopes of getting the money they desired. Edwards likened this to someone buying multiple lottery tickets in the hopes of eventually winning.
The group was convicted on all 19 charges they were facing, including multiple counts of dishonestly obtaining a financial advantage. One of their schemes involved Singh making an agreement with Chamakuri and another man, Shanmuganathan Gnanasothy, to use fraudulent bank guarantees to purchase property in exchange for commissions. This resulted in over $259,000 in commissions being paid to Gnanasothy, who is now wanted by the police after leaving Australia.
In conclusion, the trio's attempts to scam millions from a major bank were ultimately unsuccessful and were likened to someone buying lottery tickets in the hopes of winning big. Their methods were not sophisticated and were bound to fail, but they persisted in trying multiple times. The group has been convicted of various fraud-related charges and will face the consequences of their actions.
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