In a significant ruling, 15 individuals, including Bechar Ganesh Zala, the former branch manager of the State Bank of Saurashtra in Ahmedabad, were sentenced to prison terms ranging from three to five years for their involvement in a Rs 1.62 crore bank fraud. The court also imposed a collective fine of Rs 15.35 lakh on the convicted individuals. A few days, Indian Overseas Bank Chief Manager was sentenced 3 Years Jail for sanctioning Wrong Loans.
The sentencing took place in the Special Judge Court for CBI cases, Court No. 1, Ahmedabad. Along with Zala, the convicted individuals include Raghvendra K Rajgore, Mukesh Natwar Brahmbhatt, Amit Ajit Vyas, Rajendra Natwarlal Brahmbhatt, Chetan Jagdish Bhatt, Karan Vikram Mahida, Rajesh Arvind Patel, Mahesh Murlidhar Sabnani, Chinmay Girishchandra Trivedi, Jayesh Shyamlal Aswani, Rajnikant Chotelal Upadhayaya, Nilesh Sureshchandra Shah, Vimal K. Mehta, and Hemendra L. Click here to read more CBI cases.
The case dates back to September 11, 2001, when the Central Bureau of Investigation (CBI) filed charges against Zala and the other accused. The investigation revealed that Zala, who was the Branch Manager at the Naroda Road branch of the State Bank of Saurashtra, had entered into a criminal conspiracy with several private individuals. They aimed to cheat the bank by sanctioning housing loans worth Rs 1.62 crore based on forged documents submitted by borrowers.
According to the CBI, Zala abused his official position to approve loans without properly verifying the eligibility of the borrowers. The accused did not follow standard procedures and allowed the loans to be sanctioned fraudulently.
After a thorough investigation, the CBI filed nine separate chargesheets against the accused. The court has already pronounced judgment in five of these cases, while charges against nine individuals were abated after their deaths during the trial. The court found the 15 remaining individuals guilty and sentenced them accordingly. The case highlights the abuse of power and the importance of accountability in public service.
