CBI has registered a case against two officials of Bank of India in Khunti district of Jharkhand for their alleged involvement in corrupt practices.
A case under different Sections of IPC and the Prevention of Corruption Act has been registered against Patras Sanga, Manager and Dev Kant Jha, Assistant Manager, Bank of India, Karra Branch of the district.
"It is alleged that the accused public servants entered into a criminal conspiracy with some unknown others during the period between 2009 and 2010.
"In pursuance of the conspiracy they abused their official position as public servants and sanctioned and disbursed cash credit limit to as many as 114 loanees for the total amount of about Rs 3.50 crore," CBI spokesperson Harsh Bhal said.
"These loans were sanctioned without obtaining the collateral security documents and without conducting mandatory pre & post sanction inspection. The entire loan amount has become sticky and the bank is not in a position to realise it by initiating coercive legal action in want of collateral security documents," he said.
It is further alleged that loans were sanctioned to seventeen fictitious persons and the entire amount of loan proceeds was misappropriated by the bank officials.
"In order to ward off legal consequences to follow, the accused bank officers closed those seventeen fictitious loan accounts by transferring fund from their own bank accounts," Bhal said.
Pursuant to investigation, simultaneous searches were conducted at the premises of two accused persons. Incriminating documents recovered during searches are being scrutinised for further investigation, the spokesperson added.