A special CBI court in Ahmedabad has handed down five years of Rigorous Imprisonment to four individuals, including two ex-officials of UCO Bank, in two separate bank fraud cases. The convicted include the former Senior Manager Medam Bhagavathi Prasad, ex-Assistant Manager Bhaskar Rameshchandra Soni, and private individuals involved in the fraudulent activities. In the first case, the court sentenced them to imprisonment and imposed a fine of Rs 1.33 crore for fraudulent loan activities.
The charges against the accused, including Prasad and Soni, involved the fraudulent sanction and disbursement of loans amounting to Rs 6.43 crore based on forged documents. These actions led to significant financial losses for the bank, with most accounts turning into Non-Performing Assets (NPAs). The CBI initiated legal proceedings against the accused on April 27, 2016, and filed a chargesheet in November 2017.
In a separate case, the court convicted and sentenced the same individuals along with another private individual to five years of rigorous imprisonment and a fine of Rs 72 lakh. The second case, registered by the CBI on the same day as the first case, also involved fraudulent loan activities resulting in financial losses and NPAs. Following a thorough trial, the court found the accused guilty and delivered the sentences accordingly in both cases.
