The CBI Court Ahmedabad has convicted two former manager, one former officer and four persons of Punjab and Sindh Bank Surat Branch in an old case of bank fraud and sentenced him to three years rigorous imprisonment. The court has also imposed a fine of Rs 27.5 lakh on all the culprits.
Who are the guilty?
The CBI Special Court of Ahmedabad, in this case, former officer of Punjab and Sindh Bank, Surat Branch K.R. Goyal (manager), Rakesh Bahl (manager) and Shivram Meena (officer) as well as four persons- Manjit Singh Bakshi, Manish ji. Patel, Pawan Kumar Bansal and Sandeep Kumar Bansal have been convicted.
What is the matter?
This bank fraud is between 2000-2002. The CBI had filed a charge sheet on 31 March 2004 in this case. Investigation has revealed that bank officials and persons committed a fraud of Rs 1.84 crore together. It was alleged that the bank officials misused their powers and passed the checks of huge amount. These checks were paid without any proper procedure and their approval was also not taken from the high officials of the bank. These checks were associated with the accounts of companies of private accused and associate firms.
How did the scam happen?
Bank officials passed a large amount of money in the name of check discounting and purchase to companies of private persons. Instead of taking approval for these transactions, he tried to hide it from the head office of the bank. Checks were cleared even without enough balance. All this was done with the connivance of bank officials, which caused heavy loss to the bank.
How was the punishment?
After the CBI investigation, the hearing in the court was held in this case. Statements of 53 witnesses were recorded during the trial and 243 documents were presented as evidence. On the basis of these evidences, the court convicted all the seven accused and sentenced him to three years rigorous. At the same time, the court also imposed a fine of Rs 27.5 lakh on all the culprits.
Increasing incidents of bank scams in India
Bank fraud cases are increasing rapidly across the country. Many big scams like Nirav Modi-PNB scam, Yes Bank scam, Vijay Mallya’s Kingfisher scam have come out. Recently, many other bank officials have also been caught in fraud through fake debt, check discounting and fake documents.
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