CBI Court sentences 7 Years Jail with a Fine of Rs. 5 Lakh to the Accused in Bank of Baroda Fraud Case
The CBI Court in Jaipur has convicted and sentenced the accused Alok Agarwal to Rigorous Imprisonment (RI) for 07 Years with a fine of Rs. 5,00,000 in a bank fraud case.
The Central Bureau of Investigation (CBI) registered the instant case on 21.11.1997 on source information against S R Lalwani and M R Shetty, the then Branch Managers, Vijaya Bank and S.S. Sharma and S. M. Agarwal, Directors, M / s. PVP Ltd. on the allegations that accused persons in pursuance of criminal conspiracy obtained loan facilities from Vijaya Bank (now Bank of Baroda) and later diverted money to fake companies without genuine goods transaction.
The accused diverted money which was later withdrawn through their employees and cash was given to the accused. This resulted in wrongful gain of Rs.4,99,71,944 to the accused persons and corresponding loss to the Bank.
After investigation, CBI filed charge sheet on 28.9.2001 against S M Agarwal and Arun Agarwal. Later, on 03.10.2002, a supplementary charge sheet was filed in the instant case against accused Alok Agarwal.
The Hon’ble Court, after the trial, convicted and sentenced the accused Alok Agarwal. During trial SM Agarwal died and therefore, criminal proceedings were abated against him on 01.12.2016. Hon’ble Court has acquitted Arun Agarwal.
