Fraud cases: Former UCO Bank officials among 4 sentenced to 5 years in jail

The CBI said the case was registered on April 27, 2016, against following accused: Medam Bhagavathi Prasad, the then branch manager and Bhaskar Rameshchandra Soni, the then bank officer of UCO Bank, Chiloda Branch, Gandhinagar and Jayendrasinh Dahyaji Makwana, Proprietor of M/s. Heaven Five Enterprise, Sabarkantha and others.

“It was alleged that the accused (Prasad) while working as a public servant in the capacity of branch manager, UCO Bank, fraudulently sanctioned and disbursed Cash Credit Limit (including Term Loans) amounting to Rs 643 lakh in total, on the basis of forged documents to different persons/firms (borrowers). It was further alleged that the total outstanding amount in the 17 accounts as on December 2015 was Rs363 Lakh. Most of the loan accounts turned into NPA and the remaining accounts were on the verge of becoming NPA accounts, resulting in a huge loss to UCO Bank,” stated the CBI.

After investigation, the CBI filed chargesheet on November 17, 2017, against the accused persons.

In the second case, the CBI Court, Ahmedabad, convicted and sentenced four persons including Medam Bhagavathi Prasad,  Bhaskar Rameshchandra Soni and a private person, Vanrajji Prabhtaji Solanki, Proprietor of M/s. Shree Vanraj Enterprise, Gandhinagar to undergo Rigorous Imprisonment for five Years with a total fine of Rs 72 lakh in a bank fraud case.

The CBI said it had registered this case on April 27, 2016 against the accused Medam Bhagavathi Prasad, the then branch manager, Bhaskar Rameshchandra Soni, the then Bank Officer of UCO Bank, and Vanrajji Prabhtaji Solanki, and others. It was alleged that the accused (Prasad) while working as public servant in the capacity of branch manager, fraudulently sanctioned and disbursed Cash Credit Limit (including Term Loans) total amounting to Rs643 lakh, based on forged documents to different persons/firms (borrowers). It was further alleged that the total outstanding amount in the 17 accounts as on December 2015 was Rs363 Lakh. Most of the loan accounts turned into NPA and the remaining accounts were on the verge of becoming NPA account, resulting in huge loss to the UCO Bank.

After investigation, CBI filed a chargesheet on November 17, 2017 against the accused, including the convicted accused.

The court, after the trial, convicted and sentenced them accordingly.