A former National Australia Bank (NAB) senior associate and her two accomplices have avoided immediate imprisonment after being convicted of attempting to defraud the bank of $21 million in an elaborate scheme.
Monika Singh, 43, who worked at NAB’s Sydney branch, was sentenced to three years for nine fraud-related offences spanning 2018 to 2020. Her co-conspirators, former mortgage broker Davendar Deo, 68, and IT consultant Srinivas Naidu Chamakuri, 51, were sentenced to two-and-a-half years and three years respectively. Despite the prison terms, all three were referred for assessment on eligibility for home detention.
The scheme involved the use of fraudulent internal bank vouchers to withdraw money. Singh supplied blank vouchers to Chamakuri, who attempted to withdraw $16.9 million, while Singh and Deo collaborated in a separate $4.8 million attempt. Staff intervened in both instances, preventing any financial loss to NAB.
Judge Donna Woodburne condemned the trio’s actions, highlighting Singh’s abuse of her trusted position at the bank.
“Her conduct demonstrates a continuation of dishonest behaviour, disregarding the trust placed in her by her employer.”
The trio were convicted of 19 fraud-related offences between 2018 and 2020, including multiple counts of dishonestly obtaining a financial advantage.
Although lawyers for the accused argued the scheme was “inept and doomed to fail,” the judge noted the use of internal NAB documents indicated a degree of sophistication.
It is also being reported that Singh, who migrated from Fiji to Australia in 2001, was charged with fraud in Queensland in 2006 while employed as an NAB graduate trainee. She was fined $1,751, with no conviction recorded.
Singh’s sentence took into account the potential impact on her primary school-aged daughter, who may need to relocate to the United States to live with extended family. However, Justice Woodburne underscored the need for accountability, rejecting claims of genuine remorse from the offenders.
The matter will return to court on March 21, when the trio’s suitability for home detention will be determined. Until then, they remain on conditional bail.
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