Special CBI court convicts 11 for cheating Bank of Baroda of Rs 79 Lakh
Investigations revealed that two fictitious accounts were used to dupe the bank. The branch manager has also been convicted by the CBI court for his involvement in the crime.Updated: Apr 20, 2019 14:33 IST
A special Central Bureau of Investigation (CBI) court has sentenced 11 persons, including the former Pimple Saudagar branch head of the Bank of Baroda TS Borkar (62), to imprisonment ranging from three to four years in a ₹79.69 lakh car loan fraud case. Special judge Prahlad Bhagure also imposed a fine on the convicted persons.
According to the CBI, TS Borkar was the branch head of Bank of Baroda, Pimple Saudagar branch, between 31/01/2015 to 29/06/2015. A person, Ashok Madanraj Nahar, was shown as the proprietor of M/s Kunal Motors and M/s Anshul Motors. The total car loan borrowed by the accused 16 persons was credited in the account of firms namely M/s Kunal Motors and M/s Anshul Motors maintained with the Pimpri Chinchwad Co-operative Bank Limited and Janseva Cooperative Bank Limited. Borkar entered into a criminal conspiracy with accused Vishal Rajput alias Kamalesh Chandru Rao alias Ashok Madanraj Nahar and 15 other persons with an aim to cheat the bank.
Borkar processed, sanctioned and disbursed 14 car loans to the accused borrowers without following due procedure on the basis of forged documents and violated the procedure laid down for sanctioning the loan, thereby causing monetary loss of ₹79.69 lakh to the bank. Accused Dheeraj Chachalani and Ramesh Panghal brought 13 different borrowers.
Investigations revealed that the account in the name of M/s Kunal Motors and M/s Anshul Motors were fictitious accounts in the name of fictitious persons and they having no vehicle dealership. Borkar in connivance with accused Vishal Rajput accepted the false invoices issued by M/s Kunal Motors and M/s Anshul Motors about advance money and considered it knowingly and intentionally. Rajput had opened those fictitious accounts. After the incident came to light, a first information report (FIR) was registered with the anti-corruption bureau (ACB) of the CBI in 2016.
First Published: Apr 20, 2019 03:49 IST