Bramer affair – Fraud of Rs 80 million: Mulloo heavily sentenced after 15 years, Rs 1.33 million fines for Dip

The Intermediate Court, sitting in the financial crimes division, pronounced its sentence in the money laundering case linked to a fraud estimated at Rs 80 million to the former Bramer Bank, dating back to 2011. Darmendra Mulloo, Chandra Prakashsingh Dip – son of the former police commissioner – Sheik Mohammed Gaddafi Jany and Muhammad Saif Ullah Maulaboksh were convicted after pleading guilty.

This affair originated in fraudulent transfers made to the offshore accounts of two foreign clients, involving 725,000 American dollars and 807,000 euros. An internal investigation uncovered a global fraud estimated at Rs 80 million, facilitated by two bank employees with the necessary access to accounts and transfer systems.

The Court notes, however, that approximately Rs 39.6 million could be formally traced to the accounts of the accused tried in this case, including Rs 10.7 million for Darmendra Mulloo, Rs 3.5 million for Chandra Prakashsingh Dip and more than Rs 25 million for Muhammad Saif Ullah Maulaboksh.

At the end of its analysis, the court imposed cumulative fines amounting to Rs 8,191,000 on the four accused.

Darmendra Mulloo received the heaviest sanction, with a total of Rs 5,056,000 in fines across 137 charges. He was also sentenced to several prison sentences, including a maximum sentence of nine months, as well as additional sentences of six months, five months, four months, two months, one month and two weeks depending on the different charges. Thirty days already spent in detention were deducted from his sentence.

Chandra Prakashsingh Dip, for his part, was fined a total of Rs 1,330,000. The Court took into consideration in particular his guilty plea, his cooperation with the authorities, the partial reimbursement of the sums involved as well as the period of more than fifteen years that had elapsed since the facts.

Sheik Mohammed Gaddafi Jany, whose involvement was judged to be more limited, received two fines totaling Rs 125,000, the Court holding that he had not derived any significant personal benefit from the funds concerned.

Muhammad Saif Ullah Maulaboksh, whose companies received the largest share of the embezzled funds, was sentenced to fines of Rs 1,680,000, with prison terms ranging from six to eighteen months depending on the leaders of accusation. Thirty-eight days already spent in detention were deducted from his sentence.

In its judgment, the Court emphasizes that if a large-scale fraud has been established, the question of the real instigators of the operation remains debated. She notes that the manipulations at the origin of the fraudulent transfers were carried out within the bank itself by employees with the necessary access, while the accu