A former Senior Branch Manager of Bank of India’s Misrod branch in Bhopal, Madhya Pradesh, along with a private individual, has been sentenced to seven years of Rigorous Imprisonment by a Central Bureau of Investigation (CBI) court in Bhopal. The convicted individuals, identified as Piyush Chaturvedi and Mohan Singh Solanki, were also fined a total of Rs 60,000 by the court. The case, involving fraudulent sanction and diversion of loan funds, was registered by the CBI in 2016 based on a complaint from the Deputy Zonal Manager of Bank of India’s Zonal Office in Bhopal.
The CBI investigation revealed that Piyush Chaturvedi had sanctioned a term loan and cash credit limit of Rs 30 lakh in the name of M/s R.J. Enterprises on November 26, 2013, and Rs 25 lakh was fraudulently debited from the account of M/s R.J. Enterprises on the same day. This amount was allegedly transferred to the account of M/s Sanwariya Machine, linked to the private individual, Mohan Singh Solanki. Both accused were found to have misappropriated the funds in a criminal conspiracy, causing loss to the bank and gain to themselves.
Following the completion of the investigation, the CBI filed a chargesheet against both accused, leading to their conviction by the court. The court’s decision highlights the seriousness with which financial fraud cases are being dealt with, emphasizing the consequences of such illegal activities.
