Former NAB employee “misused her position” in elaborate $21 million fraud scheme

A court has been told how a trio attempted to defraud a major Aussie bank out of millions of dollars through an elaborate scheme involving fake bank vouchers.

A former NAB employee and her two associates attempted to defraud a Big 4 bank out of $21 million in an elaborate scheme which relied on fake bank vouchers, a court has been told.

Monikah Singh, 43, Davendar Deo, 68, and Srinivas Naidu Chamakuri, 51, all appeared in the Downing Centre District Court on Monday after being convicted of fraud-related offences dating between 2018 and 2020.

On Monday, Singh, a former senior associate at NAB’s Sydney branch, was sentenced to three years imprisonment over nine offences relating to the fraudulent scheme.

Her sentence, however, has been referred for assessment of eligibility for a home detention sentence and a community service order.

Judge Donna Woodburne told the court Singh “misused her position as an employee with NAB”.

Monika Singh (face covered) appears at the Downing Centre District Court in Sydney over her role in an elaborate scheme with attempted to defraud NAB out of $21 million Sydney. Picture: NewsWire/ Gaye Gerard

In her sentencing, Woodburne said Signh showed “a continuation of dishonest conduct” with her associates.

“While each playing different roles they were all involved in the same criminal enterprise,” she told the court.

Meanwhile, Singh’s associates Deo, a mortgage broker, and Chamakuri, an IT consultant, were sentenced to an aggregate sentence of two years and six months imprisonment, and three years imprisonment respectively.

However, both men were also referred for an assessment of eligibility of a home detention sentence.

Srinivas Naidu Chamakuri appears at Downing Court in Sydney a part of a trio accused of an elaborate fraud scheme that allegedly tried to cheat National Australia Bank out of more than $21 million through fake bank vouchers. Sydney. Picture: NewsWire/ Gaye Gerard

The trio were found guilty by a jury in the Downing Centre District Court following a 16 week long trial back in September 2024.

They were convicted of 19 charges, including multiple counts of dishonestly obtaining a financial advantage.

They attempted to withdraw money using fake bank vouchers.

Singh and Chamakuri tried to use internal bank vouchers to withdraw almost $16.9m in cash.

Davendar Deo was part of a group that allegedly tried to defraud a bank of more than $21m. Picture: Kate Lockley

Singh provided the blank vouchers - which worked similar to cheques - to Chamakuri, who then asked a person they had befriended to fill them out and deposit them, the court was told previously.

Singh and Deo tried to cheat NAB out of a further $4.8m using the same fraudulent scheme.

No money was lost by NAB, however, as staff were able to successfully intervene before the funds were transferred.

They were all released on conditional bail.

They will return to court in March for a mention.