The CBI has sentenced SBI Branch Manager to three years Jail. Nine individuals, including three women, in connivance with the then-bank manager, defrauded the State Bank of India of Rs.1.6 crore by presenting forged documents.
The CBI Special Court convicted all the accused, including the bank manager, and sentenced them to three years’ imprisonment. The Special Court also imposed a fine of ₹1,12,000 on the accused.
Special Public Prosecutor Sanjay Upadhyay, representing the CBI, informed the court that between February and May 2020, M/s Ashish Dal Mill, M/s Avinash Trading Company, and M/s MK Enterprises applied for loan by submitting applications to the State Bank of India, Tendukheda, District Damoh.
The dal mill operators submitted receipts confirming the stock of dal in their warehouses but in reality the receipts were fake. The CBI investigation found that the receipt for storing pulses in the warehouse was fraudulent.
In reality, there was no stock of pulses in the warehouse. The loan was obtained by colluding with the warehouse operator and presenting a fake receipt claiming the stock of pulses.
Following the investigation, the CBI registered a case of fraud involving ₹1.66 crore (16.6 million rupees) against the then bank manager, KS Raut, field officer Vijay Kumar Malviya, Ashish Sindhai, Yogendra Sindhai, Mani Sindhai, Priyanka Yogendra Sindhai, Santosh Sindhai, Sangeeta Jain, and Vishnu Bahadur Singh for criminal conspiracy.
Following the investigation, the CBI filed a charge sheet against the accused in court. Based on the witnesses and evidence presented during the trial, Special Judge Rupesh Kumar Gupta convicted all the accused and sentenced them to Jail.
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Important Lesson for Bank Employees
Bank Employees should learn a lesson from this incident. Loans should be handled carefully. All the documents should be verified carefully.
The loan frauds are increasing rapidly and Bank Employees should be more diligent in sanctioning and processing the loan applications. Even after sanctioning, Bank Employees should meticulously monitor the loan account.
