Three defendants are on trial for a complex fraud operation that aimed to use fictitious bank vouchers to defraud National Australia Bank of over $21 million.
A jury was selected for the two-month trial today at Sydney’s Downing Centre District Court in the presence of Monika Singh, 42, Davendar Deo, 68, and Srinivas Naidu Chamakuri, 51.
The three will contest the allegations made against them after entering not guilty pleas to many fraud-related offences.
Crown prosecutor Andrew Norrie stated, “In terms of the crown case, it concerns allegations that the accused… engaged in various fraudulent activities.”
“The majority of the counts on the indictment concern fraudulent activities which were directed towards National Australia Bank.”
The three co-accused have been accused of knowing involvement in a criminal organisation with the goal of defrauding NAB from September 2018 to October 2020.
All of them are out on bond, and on Tuesday, Chamakuri’s daughter appeared in court to support him.
There are four charges against Singh and Chamakuri for trying to deceitfully gain financial advantage.
They are charged with attempting to defraud NAB of around $16.9 million in 2019 by depositing bank vouchers for internal suspense accounts without authorization.
Deo and Singh are charged similarly for attempting to defraud NAB of an additional $4.8 million.
Additionally, it is alleged that the two plotted to use a fictitious $US50 million NAB stand-by letter of credit to defraud iFRC Bank & Trust.
Deo is also charged with utilising identity data from an unrelated company to enable the crime.
Singh is also accused of attempting to defraud Volvo Trucks India between May 2017 and April 2018 by using fictitious bank guarantees from NAB.
Judge Donna Woodburne gave the jury, which consisted of seven men and eight women, some brief instructions after they were chosen.
Tomorrow is when Norrie will start his opening submissions.
