Ahmedabad, Jul 18 A special court here has sentenced two persons, including a former manager of an Indian Overseas Bank (IOB)'s branch in Gujarat, to three years of rigorous imprisonment in a 2014 bank fraud case, and imposed a collective fine of Rs 1.12 crore on them.
In an order passed on Friday, the CBI court sentenced Neeraj Kumar Jain, the then manager of the IOB Himmatnagar branch along with Ketankumar Patel, a private person.
The court imposed fines of Rs 1.10 crore and Rs 2.60 lakh on Jain and Patel respectively.
The Central Bureau of Investigation (CBI) registered the case in May 2014 against Jain and 15 other private persons. Between October 2012 and September 2013, Jain, as the then manager of the IOB, conspired with Nileshkumar Patel (currently absconding), Ketankumar Patel and 13 other borrowers to dupe the bank to the tune of Rs 2.60 crore.
As per the CBI, the convicts and other accused indulged in the crime by preparing and using forged documents as genuine in the matter of setting up of greenhouse project, thereby causing wrongful loss to the bank and corresponding wrongful gain to themselves.
Jain abused his official position by sanctioning and disbursing the loans, the CBI said in a release.
Investigators found that Jain frequently sanctioned and disbursed 14 agricultural term loans for setting up greenhouse projects.
It was found in the investigation that Nileshkumar Patel sought two loans, while Ketankumar Patel applied for twelve loans through their relatives and acquaintances and got Rs 19 lakh sanctioned against each loan application, thereby causing wrongful loss to the bank and gain to themselves, the probe agency said.
After the completion of investigation, the CBI filed a chargesheet in December 2014 against Jain and three others.
After the trial, the court convicted and sentenced the two accused, while the chargesheet against one Avinash Patel could not be substantiated and therefore, he was acquitted of all the charges.
Trial against Nilesh Patel has been separated as he is absconding.
