A group involved in a failed attempt to defraud a major bank has received sentences but may avoid prison time as they’re being considered for home detention. The leader of the scheme, Monika Singh, a 42-year-old former National Australia Bank (NAB) employee, was sentenced to three years in jail by the NSW District Court. Her co-defendants, Davendar Deo, 68, and Srinivas Naidu Chamakuri, 51, received sentences of two-and-a-half years and three years, respectively.

Judge Donna Woodburne has referred the trio for an assessment by Corrective Services, which could allow them to serve their sentences through home detention and community service rather than incarceration. At the sentencing hearing, Judge Woodburne emphasized that while their actions were to be condemned, it did not warrant intensive corrections orders yet.

The group was found guilty of a scheme that attempted to steal over $20 million from NAB by exploiting internal bank processes. Their fraudulent actions took place between 2018 and 2020 and included 19 separate counts of fraud, characterized by attempts to dishonestly obtain a financial advantage. Singh supplied her co-defendants with blank internal bank vouchers, which they sought to use to extract nearly $17 million in cash, while Deo aimed to fraudulently obtain an additional $4.8 million.

While their actions were described in court as “inept, hopeless, and ultimately unsuccessful,” the prosecutor argued there was a level of sophistication involved since they had insider access to bank documents. However, the court did not find Singh’s prior trauma as a mitigating factor for her actions.

Despite their misguided intentions and the ineffectiveness of their plan, the bank did not lose any money, as bank staff were able to intervene in time to stop the fraudulent transactions from proceeding.

The case will return to court on March 21, providing a follow-up on any developments regarding the potential for home detention or community service. This situation serves as a clarification of the legal repercussions for financial fraud while highlighting that even well-laid plans can fail with the right vigilance from financial institutions.

As society’s commitment to upholding justice continues, this case may serve as a reminder of the importance of safeguarding financial systems from internal vulnerabilities and the ongoing efforts to deter fraudulent activities.