9911796707
TMI BlogCourt sentences ex-BoI official to 3-yr imprisonment in 2003 fraud caseX X X X Extracts X X X X X X X X Extracts X X X X ..... Court sentences ex-BoI official to 3-yr imprisonment in 2003 fraud case X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs 80 lakh to the bank. He had allegedly helped a beneficiary avail a working capital of Rs 30 lakh, letter of credit of Rs 25 lakh and a term loan of Rs 25 lakh on the basis of forged and bogus collateral security, the Central Bureau of Investigation (CBI) said in a press release on Tuesday. The CBI registered a case on October 30, 2003 against Rao and others for the offence of cheating, use o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f forged documents as genuine for availing loan, forgery of valuable security, criminal conspiracy, as well as the offence of criminal misconduct under the Prevention of Corruption Act. After completion of the investigation, the CBI filed a chargesheet on December 23, 2005 against the accused persons. Rao, the then chief manager of the Bank of India's SM Road branch in Ahmedabad, was found guilt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y, the CBI said in a press release on Tuesday. The court on Monday sentenced Rao to three years' imprisonment along with a fine of Rs 1.5 lakh, the release said. It was alleged that the accused persons had submitted fake collateral security, opened an account in the name of a machinery supplier and deposited a cheque into it issued from the bank for the purchase of the machinery, the release s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid. "The accused public servant (Rao) did not conduct due diligence while sanctioning the credit facility and also destroyed the documents related to fake collateral security submitted by the borrower," it said. At the time of granting loan, Rao did not make proper pre-sanction and post-sanction enquiries about the accused private firm and its business activities, and in an act committed "in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... furtherance of criminal conspiracy," he took bogus equitable mortgage viz. a plot at Vayana village in Kalol taluka of Gandhinagar district, the CBI alleged. PTI KA GK X X X X Extracts X X X X X X X X Extracts X X X X
|
