
In a significant development, the Criminal Investigation Department (CID) has filed a chargesheet in the Rs 107 crore fraud case involving the transfer of funds from the accounts of Jharkhand Vidyut Vitran Nigam Limited (JVVNL) and Jharkhand Urja Utpadan Nigam Limited (JUUNL) to fake accounts. The chargesheet, filed on Monday under case number 43/24, names three individuals as accused: Lolas Lakra, the branch manager of Central Bank of India’s Birsa Chowk branch, and his associates Lokeshwar Sahu and Sameer Kumar.
Fraudulent Scheme to Misuse Funds
According to the chargesheet, the funds belonged to the Jharkhand State Electricity Employees Master Trust and were deposited in the bank solely to earn interest. A conspiracy was allegedly hatched to retain the funds in the same branch of the Central Bank of India. Lakra, in collaboration with the other accused, prepared fake documents to offer higher interest rates to the Energy Department, creating the illusion of a lucrative deal.
Believing the branch was offering attractive interest rates, the Energy Department deposited the funds there. However, the accused opened fake accounts to siphon off the money. They had full access to these accounts, including cheques, signatures, and passbooks, which enabled them to transfer funds seamlessly between fake accounts. The department remained unaware of the fraudulent activities for a considerable period.
Funds Used for Share Trading
The chargesheet further reveals that the accused used the siphoned funds for share trading. The Special Investigation Team (SIT) has identified approximately 900 accounts where the stolen money was transferred. Some of these accounts were linked to individuals engaged in legal share trading. SIT has frozen these accounts and is continuing its investigation.
Modus Operandi of the Accused
The accused exploited the trust placed in the bank by the Energy Department. They created fake accounts and transferred money to other fraudulent accounts, ensuring the funds were difficult to trace. The CID noted that the gang’s systematic approach allowed them to misuse the money without raising suspicion.
Ongoing Investigation
The SIT is scrutinizing the transactions and has frozen the accounts of individuals who unknowingly received funds from the fake accounts. Further details about the case and the involvement of other individuals are expected to emerge as the investigation progresses.