Ernakulam: Chartered Accountant (CA) A. Sudhakaran, serving as a Concurrent Auditor at Canara Bank’s Mavelikara branch, was arrested by the Vigilance and Anti-Corruption Bureau (VACB) on Saturday after being caught accepting a bribe of ₹50,000 during a trap operation. Sudhakaran was apprehended at his residence in Chinnakada, as part of an operation dubbed Spot Trap, carried out by the Ernakulam unit of the VACB.
Bribe Demanded to Overlook Loan Irregularities
The incident involves a Kochi-based businessman who runs skill development firms across various districts in Kerala. The complainant had taken a loan from Canara Bank at the Mavelikara branch for multiple purposes. Sudhakaran allegedly contacted the complainant, informing him that there had been discrepancies in his loan account and it had been overdrafted to the tune of ₹1.40 crore.
Sudhakaran, in his capacity as the concurrent auditor, allegedly threatened the complainant that irregularities in the loan documents would require a re-audit. He demanded a bribe of ₹6 lakh, warning the complainant that if the amount wasn’t paid, his loan account would be flagged as a non-performing asset (NPA), a move that could damage the complainant’s business reputation.
Initial Payment Made, Followed by Vigilance Trap
When the complainant refused to pay the full bribe, Sudhakaran allegedly continued to harass him through phone calls, increasing the pressure to meet the demand. Eventually, the complainant transferred ₹10,000 via Google Pay as a partial payment, but the threat remained. Subsequently, a formal complaint was lodged with the Vigilance by the complainant, who reported that Sudhakaran had insisted on meeting in person to collect the remaining amount.
Following the complaint, the Vigilance and Anti-Corruption Bureau set up a trap to apprehend Sudhakaran. On the day of the meeting, the CA was caught red-handed accepting the bribe amount of ₹50,000 from the complainant at his residence.
VACB’s Investigation Underway
VACB officials confirmed that Sudhakaran is a RBI-listed concurrent auditor who receives payments directly from Canara Bank. According to Sasidharan S, VACB SP, initial inquiries suggest that Sudhakaran’s actions may not be isolated, and the investigation is ongoing to explore potential further illegal activities.
Authorities are currently delving into the full extent of the bribery and fraudulent activities linked to Sudhakaran, with investigations likely to expand to determine whether he had engaged in similar misconduct in other cases.
This arrest has sparked concern about the conduct of financial auditors, especially within public sector banks, and the need for tighter controls to ensure accountability.
