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Indian Overseas Bank Senior Manager fined Rs.15 crore and gets 7 years Jail


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A former senior manager of Indian Overseas Bank (IOB) has been fined Rs 15.06 crore and sentenced to seven years in jail for cheating the bank, according to officials. Preeti Vijay Sahijwani, who worked at IOB’s Vastrapur branch in Ahmedabad, was found guilty of crediting final maturity payments of Foreign Currency Non-Resident (FCNR) deposits into fictitious accounts without proper authorization. She then sanctioned demand loans and cash credits in these fictitious accounts, amounting to around Rs 1.40 crore, using altered deposit receipts as security.

The fraudulent activities resulted in a wrongful loss of over Rs 2 crore to the bank. The Central Bureau of Investigation (CBI) took over the case in 2001 and filed a charge sheet in 2003. Sahijwani had fled the country but was located in Canada with the help of an Interpol Red Notice and was deported to India in 2012.

The special court in Gandhinagar convicted Sahijwani for criminal breach of trust, forgery of valuable security, using forged documents as genuine, and causing wrongful loss to the bank. In addition to the jail sentence, the court imposed a fine of Rs 15 crore, which will go to the complainant bank. This is one of the largest fines imposed by a special court.

During the trial, 23 prosecution witnesses were examined and 158 documents were proved through witnesses. After the pronouncement of the judgment, Sahijwani was taken into custody.

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