Bhopal, May 15 A Central Bureau of Investigation (CBI) court in Bhopal has sentenced a former Senior Branch Manager of Bank of India (BOI) and a private individual to seven years of Rigorous Imprisonment (RI) in connection with a bank fraud case involving fraudulent sanction and diversion of loan funds, officials said on Friday.
The convicted accused have been identified as Piyush Chaturvedi, the then Senior Branch Manager of Bank of India's Misrod branch in Bhopal, Madhya Pradesh and Mohan Singh Solanki, a private person.
According to the CBI, the special court on Thursday also imposed a total fine of Rs 60,000 on the two convicts.
The case was registered by the CBI on January 25, 2016, based on a written complaint lodged by the then Deputy Zonal Manager of Bank of India’s Zonal Office in Bhopal.
The probe agency alleged that Chaturvedi had fraudulently and dishonestly sanctioned a term loan and cash credit limit amounting to Rs 30 lakh in the name of M/s R.J. Enterprises on November 26, 2013.
The CBI investigation revealed that on the same day, an amount of Rs 25 lakh was fraudulently debited from the account of M/s R.J. Enterprises through a Real-Time Gross Settlement (RTGS) transaction using forged and fabricated RTGS forms and vouchers.
The amount was allegedly transferred to the account of M/s Sanwariya Machine, linked to co-accused Mohan Singh Solanki.
The agency said both accused misappropriated the funds in furtherance of a criminal conspiracy, causing wrongful loss to the bank and corresponding wrongful gain to themselves.
After completion of the investigation, the CBI filed a chargesheet against both accused before the competent court.
Following the trial, the court found both accused guilty and sentenced them accordingly.
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