Trio Convicted of $21 Million Fraud Plot Against NAB

Published on September 21, 2024

Three people attempted to cheat National Australia Bank (NAB) out of more than $21 million (US$14.3 million) using fake vouchers and guarantees, a jury has found. Monica Singh, 42, Davendar Deo, 68, and Srinivas Naidu Chamakuri, 51 were convicted on Sep. 20 of a myriad of fraud-related offences following a lengthy trial in the New South Wales (NSW) District Court. The trio were convicted on all 19 of the charges they were facing, including multiple counts of dishonestly obtain a financial advantage. Singh was a senior associate at NAB’s Sydney branch, where she managed a portfolio of corporate clients. In September 2018, she made an agreement with Chamakuri and another man, Shanmuganathan Gnanasothy, to use fraudulent bank guarantees to purchase property in exchange for commissions....

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