A court in Kolkata is to hear a case of alleged fraud involving forged letters of credit (L/Cs) amounting to the equivalent of around US$2 million.

Charges have been brought against 10 people including two senior officials of the State Bank of India's (SBI's) overseas branch in Kolkata.

Bank officials

Summonses have been issued against a former SBI assistant manager, Samar Kumar, Mukherjee and a former SBI senior manager, Rittik Kumar Nandy.

The bank officials allegedly conspired with the proprietor of Hindustan International, Gopinath Das, to perpetrate the alleged fraud.

Forged documents

Prosecutors say Das submitted four forged L/Cs to the bank in the name of his firm.

The two accused bank officials allegedly knew that the Hindustan International had not been extended credit facilities by SBI and that the business had previously defaulted in paying its bills.

The bank officials nevertheless arranged with other bank staff - who also face charges in this alleged fraud - for the proceeds of the L/Cs to be paid out to Das.

No shipment

Investigators say that the goods apparently exported according to the L/C documents had not been shipped at all.

They also say that the vessel shown on the documentation had not even sailed from Kolkata to Dubai as specified while a container number shown on a consignment note was also found to be fictitious.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.