21-year-old bank fraud: Two ex-officials jailed for 7 years for swindling ₹3.76 crore

Two former bank officials in India have been sentenced to seven years in prison for a 21-year-old bank fraud worth ₹3.76 crore ($509,000).

A Central Bureau of Investigation (CBI) court on Tuesday sentenced two former bank officials to seven years of simple imprisonment in connection with a 21-year-old bank fraud of ₹3.76 crore, officials said in a note.

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The CBI court in Lucknow found accused OP Lakhina and Digvijay Singh, who were then the branch manager (BM) and assistant BM, respectively, of the Unit Trust of India (UTI) bank’s Varanasi branch, guilty of bogus encashment of the said amount through cheques issued in the names of private individuals, said senior CBI officials.

The court also slapped fine of ₹ 3 lakh on Lakhina and ₹3.75 lakh on Singh, the note said.

The central agency had booked Lakhina and other individuals on July 31, 2002, after allegations of fraud surfaced against them. The charge sheet in the case was filed against Lakhina, Singh and another official on November 4, 2004.

The court found the two former officials guilty and convicted them and acquitted another in the case.