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Saturday, September 25, 2021

Mumbai: Bank staffers among seven convicted for loan fraud

The court sentenced the accused -- most of whom are now senior citizens --- to punishments ranging from five years to one year and fine up to Rs 23 lakh.

By: Express News Service | Mumbai |
Updated: August 31, 2021 8:59:42 am
SBI MUmbai, SBI opera house branch, sbi loan fraud, mumbai loan fraud, indian express, indian express news, mumbai newsIt was claimed that the accused public staffers overlooked discrepancies in documents and sanctioned the loan without inspection of income tax documents, balance sheets and other relevant information. (Representational)

A SPECIAL court on Monday convicted seven persons, including public bank staffers, for fraud in a loan transaction over 13 years ago.

The court sentenced the accused — most of whom are now senior citizens — to punishments ranging from five years to one year and fine up to Rs 23 lakh.

The case relates to a complaint from SBI in 2008 regarding a loan taken from the Opera House branch of State Bank of India. In 2008, one of the convicts, Zarina Batliwala, applied for a loan of Rs 1.25 crore from the branch.

Special public prosecutor J K Sharma, representing CBI, had submitted that the then branch manager had given the loan papers to a field officer and chief manager of the bank. The documents were verified by them and forwarded to the Credit Processing Cell, where it was appraised by two other staffers. It was later found that the documents submitted to acquire the loan were bogus and the flat given as security did not have a clear title.

It was claimed that the accused public staffers overlooked discrepancies in documents and sanctioned the loan without inspection of income tax documents, balance sheets and other relevant information.

The court sentenced Batliwala to five years’ imprisonment, finding her guilty of cheating, criminal conspiracy and other charges. Batliwala, who has multiple cases against her, has been in judicial custody for 11 years.

Others including staffers of the bank were sentenced for 1-3 years. Three were fined Rs 23 lakh and two Rs 20 lakh along with the imprisonment.

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