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Former UCO bank officials, businessman get 3-year jail in Rs 643 lakh loan fraud case
Three convicted in UCO Bank loan fraud case as CBI court awards jail term and fines for causing major financial loss.
The Central Bureau of Investigation (CBI) on Wednesday said it had registered the case on April 27, 2016, against the three accused and others. (File Photo)
The CBI court in Ahmedabad on Wednesday sentenced two former UCO Bank officials and a businessman to three years’ rigorous imprisonment and imposed a total fine of Rs 30 lakh on them in a loan fraud case.
The accused have been identified as Medam Bhagavathi Prasad, former senior manager UCO Bank, Chiloda Branch, Gandhinagar; Bhaskar Rameshchandra Soni, former assistant manager of the bank, and Jagruti Nimish Parikh, proprietor of M/s Jagruti Plastics, Ahmedabad.
The Central Bureau of Investigation (CBI) on Wednesday said it had registered the case on April 27, 2016, against the three accused and others.
It was alleged that Prasad while working as the branch manager, UCO Bank, Chiloda Branch, Gandhinagar, fraudulently sanctioned and disbursed loans amounting to Rs 643 lakh, to 17 different persons/firms (borrowers), who submitted “fake documents”.
The statement said, “It was alleged that the total outstanding amount in aforesaid 17 accounts as on December 2015 was Rs 363 lakh. Most of the loan accounts turned into NPAs (Non-Performing Assets), and the remaining accounts were on the verge of becoming NPA accounts, resulting in a huge loss to the UCO Bank.”
After investigation, the CBI filed a chargesheet on November 17, 2017. During the trial, the Special Judge, CBI Court, vide order dated November 23, 2021, directed the CBI to file separate chargesheets, which were subsequently filed on June 10, 2022.
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