Bhopal, April 2 (IANS) A special CBI court in Bhopal has convicted two persons, including a former bank official, and sentenced them to seven years of rigorous imprisonment each in connection with a bank fraud case involving Rs 27 lakh, officials said on Thursday.

The convicted persons are Piyush Chaturvedi, then Senior Branch Manager of Bank of India’s Misrod branch in Bhopal, and Mohan Singh Solanki, a private individual, the statement added.

In addition to the prison term, the court has imposed a fine of Rs 60,000 on each of the accused. The judgment was delivered on April 1.

According to the Central Bureau of Investigation (CBI), the case was registered on January 25, 2016, based on a written complaint lodged by the then Deputy Zonal Manager of Bank of India, Bhopal.

The probe revealed that Chaturvedi had fraudulently sanctioned a term loan of Rs 27 lakh in the name of a firm, M/s Vision Computer. Soon after the loan was approved, the funds were diverted to the account of M/s Ajab Kumar Industries, a firm owned by Krishna Bai Solanki, the wife of co-accused Mohan Singh Solanki.

Investigators found that the accused acted in conspiracy to siphon off the loan amount, misappropriating the funds for personal gain. The fraudulent transaction caused a wrongful loss to the bank while resulting in corresponding gains for the accused.

Following the investigation, the CBI filed a charge sheet against both individuals. After a full trial, the court found them guilty and awarded the sentence accordingly.

In another case of conviction and sentencing in a bank fraud case, a CBI court in Lucknow sentenced five accused, including a senior bank official, to three years of imprisonment along with a total fine of Rs 3.4 lakh on March 31.

The CBI actively investigates fraud and bribery cases, leading to sentencing and fines for the convicts.

–IANS

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Bhopal, April 2 (IANS) A special CBI court in Bhopal has convicted two persons, including a former bank official, and sentenced them to seven years of rigorous imprisonment each in connection with a bank fraud case involving Rs 27 lakh, officials said on Thursday.

The convicted persons are Piyush Chaturvedi, then Senior Branch Manager of Bank of India’s Misrod branch in Bhopal, and Mohan Singh Solanki, a private individual, the statement added.

In addition to the prison term, the court has imposed a fine of Rs 60,000 on each of the accused. The judgment was delivered on April 1.

According to the Central Bureau of Investigation (CBI), the case was registered on January 25, 2016, based on a written complaint lodged by the then Deputy Zonal Manager of Bank of India, Bhopal.

The probe revealed that Chaturvedi had fraudulently sanctioned a term loan of Rs 27 lakh in the name of a firm, M/s Vision Computer. Soon after the loan was approved, the funds were diverted to the account of M/s Ajab Kumar Industries, a firm owned by Krishna Bai Solanki, the wife of co-accused Mohan Singh Solanki.

Investigators found that the accused acted in conspiracy to siphon off the loan amount, misappropriating the funds for personal gain. The fraudulent transaction caused a wrongful loss to the bank while resulting in corresponding gains for the accused.

Following the investigation, the CBI filed a charge sheet against both individuals. After a full trial, the court found them guilty and awarded the sentence accordingly.

In another case of conviction and sentencing in a bank fraud case, a CBI court in Lucknow sentenced five accused, including a senior bank official, to three years of imprisonment along with a total fine of Rs 3.4 lakh on March 31.

The CBI actively investigates fraud and bribery cases, leading to sentencing and fines for the convicts.

–IANS

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