Rs 6.8 Crore Fraud in Bank of India, AGM filed Complaint! CBI Court Sentences Four People to 3 Years Jail

The Special Judge, CBI, West Lucknow, convicted and sentenced Pankaj Khare, Deputy Chief Manager of Bank of India, along with two private individuals, Rajesh Khanna and Shamshul Haq Siddiqui, to three years of imprisonment and a fine of Rs. 1.25 lakh each in a bank fraud case of Rs. 6.8 crore. Additionally, a fine of Rs. 1 lakh was imposed on the accused private company, M/s Anita Contractor and Construction Private Limited.

The CBI had registered the case on 09.07.2008 based on a complaint from the Assistant General Manager of Bank of India, Hazratganj, Lucknow. It was alleged that between 2004 and 2006, the accused entered into a criminal conspiracy with others and cheated the Bank of India, Lucknow branch. They allegedly availed cash credit facilities using forged and fabricated non-existent work orders, submitted fake property documents for mortgage, and misused the funds for purposes other than sanctioned, causing a loss of Rs. 6.80 crore to the bank and making wrongful gains for themselves.

A chargesheet was filed by CBI on 23.12.2009 against nine accused, including Anita Jain (Managing Director, M/s Anita Contractor and Construction Pvt. Ltd.), Pankaj Khare, Prem Prakash Asthana (Chief Manager, Bank of India), and others.

After trial, the court convicted and sentenced the accused. Proceedings against Prem Prakash Asthana and Poonam Sinha were dropped by the trial court. Two accused, Sudhir Jain and Mohd. Isteyaq Khan, died during the trial. Anita Jain was acquitted of all charges on the benefit of doubt.