Chandra Dip Fined Rs 1,330,000 following his Fraudulent Transaction at Bramer Bank

The Financial Crimes Division of the Intermediate Court has delivered its verdict on the 2011 Bramer Bank fraud case, handing down significant fines and prison sentences to four defendants, including Chandra Prakash Dip.

Chandra Prakash Dip, the son of former Police Commissioner Anil Kumar Dip, was ordered to pay fines totalling Rs 1,330,000.

In his ruling, Magistrate Abdool Raheem Tajoodeen noted that Dip had already reimbursed Rs 1.9 million of the Rs 3.5 million he received from the fraudulent scheme.

The legal proceedings followed a bank audit that uncovered a Rs 80 million fraud targeting two clients.

Investigations revealed that two former bank employees, Irfaan Hausmuddy and Younousse Katoaroo, committed the offences.

Prison Sentences Handed Down

While some defendants faced financial penalties, others received custodial sentences for their roles in the money laundering case:

• Muhammad Saif Ullah Maulaboksh: Sentenced to 18 months in prison and several fines. He is alleged to have received approximately Rs 25 million from the fraud.
• Darmendra Mulloo: Sentenced to nine months in prison and more than 100 individual fines.
• Sheik Mohammed Khadafi Jany: Ordered to pay two fines totalling Rs 125,000.

All four defendants pleaded guilty to charges of money laundering.

The investigation established that three of the four had benefited from at least Rs 39 million of the embezzled funds via transfers to accounts linked to their respective companies.

Questions Over the “Mastermind”

Despite the convictions, the identity of the individual who orchestrated the scheme remains legally unclear.

In a statement to the ICAC, former employee Younousse Katoaroo named Chandra Prakash Dip and Darmendra Mulloo as the masterminds—a claim both men refuted.

Magistrate Tajoodeen expressed regret that the prosecution did not call Katoaroo as a witness.

The Magistrate highlighted that evidence showed Katoaroo had direct access to the victims’ banking data, noting that the prosecution’s failure to produce him as a witness left the court “in the dark” regarding the true mastermind behind the fraud.

Source: Defi Media