CBI court sentences 13 to five years in bank fraud case in Indore

Indore, Aug 30 (IANS) A CBI court in Indore has sentenced 13 persons to five years of rigorous imprisonment in a bank fraud case involving a loss of more than Rs 3 crore to the UCO Bank.

The court also imposed a total fine of Rs 1.56 lakh on the convicts, who were found guilty of availing loan facilities by allegedly mortgaging land belonging to third parties and submitting forged documents to obtain the loans, officials said on Saturday.

According to the Central Bureau of Investigation (CBI), those convicted are Anil Patel, Manmohan Yadav, Kailash Yadav, Mona Yadav, Deepak Yadav, Ashish Patel, Tulsiram Yadav, Mohan Yadav, Rajani Yadav, Sandeep Yadav, Satish Patel (Patil), Kalpana Patel and Radha Yadav.

The CBI had registered the case on March 30, 2012, on the basis of a complaint lodged by the then Deputy Zonal Manager of UCO Bank at Indore.

The agency alleged that the accused persons had entered into a criminal conspiracy to secure loans from the bank by using properties that actually belonged to third parties.

They allegedly showed different properties to valuers and used fictitious identities during the loan process, the CBI said.

The accused also allegedly submitted forged sale deeds carrying fabricated signatures of Sub-Registrars along with false SDO revenue diversion orders to induce the bank to sanction the loans.

The fraudulent transactions caused a wrongful loss of more than Rs 3 crore to UCO Bank, according to the agency.

After completing its investigation, the CBI filed 10 chargesheets on December 20, 2013, in connection with the case.

Following cognisance by the court, trial proceedings were initiated in 10 separate cases arising from the CBI.

“The court conducted the trial in the cases and, after examining the evidence and material placed before it, convicted and sentenced all the accused,” the agency said.

The CBI in a statement said the convictions were the outcome of its investigation into the alleged conspiracy involving the fraudulent use of property documents and identities for obtaining bank loans.

–IANS

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