A former Indian Overseas Bank (IOB) branch manager and a private individual in Ahmedabad have been sentenced to three years’ rigorous imprisonment for their involvement in a bank fraud case. The fraud, related to fraudulent greenhouse project loans, led to a loss of Rs 2.60 crore for the bank. The special CBI court convicted Neeraj Kumar Jain, the ex-branch manager of IOB, and Ketankumar Mohanlal Patel, imposing fines totaling Rs 1,12,60,000 on both individuals.
The case, registered in 2014, involved Jain and 15 private individuals. The CBI alleged that Jain, during his tenure as branch manager, conspired with others to cheat the bank by securing loans for greenhouse projects using forged documents. This led to a wrongful loss of Rs 2.60 crore for the bank and gains for the accused. Despite fraudulent documentation, Jain sanctioned and disbursed 14 agricultural term loans for greenhouse projects.
Investigations revealed that Patel and others secured loans by applying in the names of relatives and acquaintances. Each loan, amounting to Rs 19 lakh, was obtained through deceptive means. Following the investigation, a charge sheet was filed against Jain and three private individuals. After the trial, Jain and Patel were convicted, while another individual was acquitted due to lack of evidence. The trial for one absconding individual has been separated.
