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Jail, fine for two bank officials

india Updated: Sep 08, 2006 14:26 IST

TWO MANAGERS of Dena Bank who were involved in embezzlement of Rs 56 lakh have each been sentenced to four-year jail term and fine of Rs 7,000 by a CBI court Special Judge Sarita Singh.

Two other persons involved in the crime have each been sentenced to a total of 19 years of jail on various counts and slapped fine of Rs 22,000.

The convicted managers are N P Arora (then chief manager of Navlakha branch) and Ulhas Bordge (then senior manager of the same branch). Arora is at present posted in Mumbai. The two other accused, Pinkesh and Vijay, are residents of Indore.

The embezzlement took place between 2000 and 2002, when Arora and Bordge were posted at the Navlakha branch. Together with Pinkesh and Vijay they embezzled Rs 56.52 lakh from the bank.

Pinkesh and Vijay had opened Vishal Trading with its offices at R N T Marg and they had opened the firm’s account at the Navlakha branch of Dena Bank. Under the Trade Finance Scheme, they got CC limited sanctioned from the bank. Then they opened some fake firms in the name of Surajbhan and others and then with the help of the two bank officials siphoned off the funds from the bank. CBI investigated the matter and filed challan against the accused.

Arora and Bordge were given bail by the court. Pinkesh is already in jail in Baroda while Vijay is also in jail in another matter.