The CBI Court has sentenced UCO Bank Officers to 3 Years Jail in a bank fraud case. As per reports, the branch manager and officer of UCO Bank sanctioned loans on the basis of fake documents.
The CBI Court in Ahmedabad, Gujarat, has convicted and sentenced Medam Bhagavathi Prasad, the then Sr. Manager, Bhaskar Rameshchandra Soni, the then Asstt. Manager of UCO Bank, Chiloda Branch, Gandhinagar and Jagrutiben Nimish Parikh, Prop. of M/s Jagruti Plastics, Ahmedabad, to Rigorous Imprisonment for Three Years with a total Fine of Rs. 30 Lakh in a bank fraud case.
The Central Bureau of Investigation (CBI) registered the case on 27.04.2016 against the accused Medam Bhagavathi Prasad, the then Branch Manager, Bhaskar Rameshchandra Soni, the then Bank Officer, both of UCO Bank, Chiloda Branch, Gandhinagar; Jagrutiben Nimish Parikh, Prop. of M/s Jagruti Plastics, Ahmedabad and others.
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It was alleged that the accused Medam Bhagavathi Prasad while working as public servant in the capacity of Branch Manager, UCO Bank, Chiloda Branch, Gandhinagar, fraudulently sanctioned & disbursed Cash Credit Limit (including Term Loans) of Rs.643 lakh, based on forged documents to 17 different persons/firms(borrowers).
It was further alleged that the total outstanding amount in these 17 accounts as on December – 2015 was Rs.363 Lakh.
Most of the loan accounts turned into NPA, and the remaining accounts were on the verge of becoming NPA account. This resulted in huge loss to the UCO Bank.
After investigation, the CBI filed a chargesheet on 17.11.2017 against the accused. The Hon’ble Court, after the trial, convicted and sentenced them accordingly.
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