Fraud of Rs 80 Million Against Bramer Bank: Sentences Imposed on the Four Defendants

The Financial Crimes Division of the Intermediate Court delivered its verdict this Friday in the fraud case involving the now-defunct Bramer Bank, 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.

According to the evidence presented, this case followed a bank audit that revealed a fraud of Rs 80 million affecting two clients. The acts were allegedly committed by two former bank employees, Irfaan Hausmuddy and Younousse Katoaroo.

In his judgment, magistrate Abdool Raheem Tajoodeen expressed regret that the prosecution did not call Younousse Katoaroo as a witness. He noted that evidence indicated that Katoaroo had access to the banking data of the victims, thus leaving the Court "in the dark" regarding the mastermind of the fraud.

Here are the sentences imposed on the four defendants:

1. Darmendra Mulloo (Defendant No. 1)

   • Imprisonment: 9 months
   • Total fines: Rs 5,056,000

2. Chandra Prakashsingh Dip (Defendant No. 2)

   • No imprisonment
   • Total fines: Rs 1,330,000

3. Sheik Mohammed Khadafi Jany (Defendant No. 3)

   • No imprisonment
   • Total fines: Rs 125,000

4. Muhammad Saif Ullah Maulaboksh (Defendant No. 5)

   • Imprisonment: 18 months
   • Total fines: Rs 1,580,000

The charges against the defendants included:

• Darmendra Mulloo faced 156 counts of money laundering totaling Rs 18,533,603.76.
• Chandra Prakashsingh Dip faced 15 counts of money laundering, allegedly receiving checks from Yeschem Ltd ranging from Rs 35,000 to Rs 300,000, totaling Rs 1,415,000 from March 30 to July 17, 2011.
• Sheik Mohammed Khadafi Jany faced two counts of money laundering, accused of receiving Rs 310,000 and Rs 122,000, respectively.
• Muhammad Saif Ullah Maulaboksh faced 16 counts of money laundering totaling Rs 34,723,228.38, committed between April 12 and August 15, 2011.

All four men pleaded guilty.

Video: Rajenee Panchoo