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

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

Chandra Prakash Dip was fined Rs 1,330,000. The Court notably took into account that he had repaid Rs 1.9 million of the Rs 3.5 million obtained from the fraud.

According to the evidence presented, this case follows a banking audit that uncovered a fraud amounting to Rs 80 million affecting two clients. The acts were allegedly committed 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 this fraud, a claim that was denied by both. The investigation also established that three of the four defendants benefited from at least Rs 39 million taken from the embezzled funds, through transfers 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 about 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 evidence indicated Katoaroo had access to the victims' banking data, leaving the Court "in the dark" regarding the mastermind behind the fraud.