A former senior manager of Central Bank of India and another individual have been sentenced to one year in prison and fined Rs 20,000 each by a Special CBI Court in Jammu for their involvement in a housing loan fraud. The convicted individuals, Rajinder Koul and Sham Sunder Aggarwal, were found guilty of irregularities in the disbursement of housing loans, which were based on fake and forged documents.
Koul, who was a Senior Manager at Central Bank of India’s Talab Tillo Branch in Jammu, oversaw the disbursement of housing loans to applicants using fraudulent documents. Following an investigation into a complaint filed by Koul’s superiors, the CBI filed a chargesheet in the case on September 22, 2007. The Special CBI Court convicted Koul and Aggarwal after the trial and handed down the sentence on Tuesday.
In a separate case related to home loan fraud, a former senior bank official and a private company chief were sentenced to seven years of rigorous imprisonment by a Special CBI Court in Chennai. This case involved the fraudulent sanctioning and disbursement of housing loans, leading to a loss of over Rs 5.29 crore to the Central Bank of India. The court also imposed fines on the individuals and the private firm involved in the case.
The court convicted Deepak V Menon, the former Senior Manager of Central Bank of India’s Triplicane branch in Chennai, to seven years of rigorous imprisonment and a fine of Rs 65,000. Additionally, B. Sivaganesan, the Chief Managing Director of Sree Sasthru Associates Kadanthetti Pvt Ltd, was sentenced to seven years of rigorous imprisonment and fined Rs 1.17 lakh, with the company also facing fines. The CBI registered the case on April 29, 2009, based on a complaint from the Central Bank of India, alleging fraudulent sanctioning and disbursement of 28 housing loans between 2006 and 2007 using forged documents.
