A CBI Court in Ahmedabad has sentenced four accused persons, including officials of UCO Bank, to five years of rigorous imprisonment (RI) along with fines in two separate bank fraud cases. The judgment was delivered on 23 March 2026, and the information was released by the Central Bureau of Investigation (CBI) on 24 March 2026. The convicted individuals include bank officials and private persons involved in fraudulent loan disbursement.
Details of the First Case
In the first case, the court convicted Medam Bhagavathi Prasad, who was then serving as Senior Manager and Branch Manager, Bhaskar Rameshchandra Soni, the then Assistant Manager of UCO Bank, and Jayendrasinh Dahyaji Makwana, proprietor of M/s Heaven Five Enterprise, Sabarkantha. All three were sentenced to five years of rigorous imprisonment along with a total fine of Rs. 1.33 crore.
The CBI had registered this case on 27 April 2016. According to the investigation, the accused fraudulently sanctioned and disbursed Cash Credit Limits and term loans amounting to Rs. 643 lakh using forged documents. These loans were provided to various individuals and firms at the UCO Bank’s Chiloda Branch in Gandhinagar. It was further found that the total outstanding amount in 17 loan accounts stood at Rs. 363 lakh as of December 2015. Most of these loan accounts turned into Non-Performing Assets (NPAs), while the remaining accounts were also close to becoming NPAs, resulting in heavy financial loss to the bank. After completing the investigation, the CBI filed a chargesheet on 17 November 2017.
Details of the Second Case
In the second case, the court convicted Medam Bhagavathi Prasad, Bhaskar Rameshchandra Soni, and Vanrajji Prabhaji Solanki, proprietor of M/s Shree Vanraj Enterprise, Gandhinagar. They were also sentenced to five years of rigorous imprisonment with a total fine of Rs. 72 lakh.
This case was also registered on 27 April 2016 and involved similar allegations. The accused were found to have fraudulently sanctioned and disbursed loans worth Rs. 643 lakh using forged documents. The loans were issued to multiple borrowers, leading to financial irregularities. The investigation revealed that the outstanding amount in 17 accounts was Rs. 363 lakh as of December 2015. Most accounts became NPAs, while others were on the verge of becoming NPAs, causing significant losses to UCO Bank. A chargesheet was filed by the CBI on 17 November 2017 in this case as well.
Court’s Final Decision
After a detailed trial, the CBI Court in Ahmedabad found all the accused guilty in both cases and sentenced them accordingly. The court took serious note of the misuse of official position by bank officers and the fraudulent loan disbursement that led to financial losses for a public sector bank.
This case highlights strict action against corruption and fraud in the banking sector. The judgment sends a strong message that misuse of authority and financial fraud will lead to severe punishment.
