Bramer Bank Fraud: Chandra Prakash Dip Fined Rs 1,330,000

The verdict has been delivered by the Financial Crimes Division of the Intermediate Court in the Bramer Bank fraud case dating back to 2011. Four defendants, including Chandra Prakash Dip, son of former police commissioner Anil Kumar Dip, have learned their fate after pleading guilty to money laundering charges.

Chandra Prakash Dip has been fined Rs 1,330,000. The Court took into account that he had repaid Rs 1.9 million out of the Rs 3.5 million acquired from the fraud.

According to the evidence presented, this case follows a bank audit that uncovered a fraud totaling Rs 80 million affecting two clients. The incidents were allegedly carried out by two former bank employees, Irfaan Hausmuddy and Younousse Katoaroo.

In a statement to the ICAC, Younousse Katoaroo identified Chandra Prakash Dip and Darmendra Mulloo as the masterminds behind the fraud, a claim that was denied by both men. The investigation also revealed that three of the four defendants had benefited from at least Rs 39 million of the misappropriated funds, transferred to accounts linked to their companies.

Darmendra Mulloo was sentenced to nine months in prison, in addition to over a hundred fines. Sheik Mohammed Khadafi Jany received two fines totaling Rs 125,000. Muhammad Saif Ullah Maulaboksh, who allegedly received around Rs 25 million from the fraud, was sentenced to 18 months in prison along with several fines.

In his ruling, Magistrate Abdool Raheem Tajoodeen expressed regret that the prosecution did not call Younousse Katoaroo as a witness. He emphasized that the evidence indicates he had access to the victims' banking data, leaving the Court "in the dark" regarding the mastermind of the fraud.