Three individuals, including a former employee of National Australia Bank (NAB), have been sentenced for their roles in an attempted fraud scheme aimed at defrauding the bank of $21 million.
Monika Singh, a former senior associate at NAB’s Sydney branch, was handed a three-year sentence for nine fraud-related offences. A jury found in September that Singh conspired with former mortgage broker Davendar Deo and IT consultant Srinivas Naidu Chamakuri to use fake vouchers in a bid to steal the money. The jury also determined that Singh and Chamakuri worked together to employ fraudulent bank guarantees to purchase property, in exchange for commissions.
Deo received a sentence of two years and six months, while Chamakuri was sentenced to three years. However, all three offenders were allowed to leave the court as reports are prepared to determine whether home detention could be an appropriate alternative to jail time.
Justice Donna Woodburne emphasized the importance of considering the impact of a prison sentence on Singh’s primary school-aged daughter, who would be forced to live with extended family in the United States. Despite this, Woodburne noted that the three offenders lacked genuine remorse for their actions.
Each offender was involved in the same criminal enterprise, Justice Woodburne noted, and each played a distinct role. She dismissed Deo’s explanation, in which he claimed he thought he was “helping a friend,” and also rejected Chamakuri’s defense of “being truly remorseful.”
Outside the court, Chamakuri denied responsibility, telling reporters, “I didn’t do anything. There’s no money lost. It’s only framed.”
The offenders will report to the police daily until reports are completed on the suitability of home detention. These reports will be presented in court on March 21.