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Indian Overseas Bank Manager gets three years sentence & fine of over Rs. 1.12 crore in fraud case
The Central Bureau of Investigation (CBI) Court, Ahmedabad has convicted and sentenced two accused namely, Neeraj Kumar Jain, the then Branch Manager, Indian Overseas Bank (IOB), Himmatnagar, Gujarat and Ketankumar Mohanlal Patel (Private Person) to Rigorous Imprisonment for Three Years with a fine of Rs. 2,60,000 and Rs. 1.10 Crore respectively (Total fine of Rs.1,12,60,000) in a bank fraud case.
The Central Bureau of Investigation (CBI) registered the instant case on May 8, 2014 against Neeraj Kumar Jain, the then Branch Manager, Indian Overseas Bank, Himmatnagar, Gujarat and 15 other private persons. It was alleged that the accused Neeraj Kumar Jain, while working as Manager, IOB during the period from October, 2012 to September, 2013, in conspiracy with Nileshkumar Dayabhai Patel and Ketankumar M Patel and other 13 borrowers cheated the Indian Overseas Bank to the tune of Rs. 2.60 Crore by preparing and using forged documents as genuine in the matter of setting up of Greenhouse Project and thereby caused wrongful loss to the bank and corresponding wrongful gain to themselves. The accused Neeraj Kumar Jain, the then Branch Manager, IOB, also abused his official position by sanctioning and disbursing the above said loans.
Investigation revealed that the accused Neeraj Jain frequently sanctioned and disbursed 14 agricultural term loans for setting up Greenhouse Projects. Investigation further revealed that the accused Nileshkumar Dayabhai Patel and Ketankumar M Patel applied for two loans and twelve loans respectively in the name of their relatives and known persons and got sanctioned Rs 19 Lakh for each loan thus causing wrongful loss to the bank and corresponding gain to themselves.
After completion of Investigation, the CBI filed chargesheet on December 24, 2014 against the accused Neeraj Kumar Jain, the then Branch Manager, IOB and three private persons, namely, Nilesh Dayabhai Patel, Prop. M/s Riya Irrigation, M/s. N.D. Agriculture and M/s My Global Village, Sabarkantha, Gujarat, Ketan Kumar Mohanlal Patel and Avinash Yashwantkumar Patel, Prop. M/s Sagar Drip Irrigation, Kishan Agromill Sarkari Jin Road, Himmatnagar, Gujarat.
The Hon’ble Court, after the trial, convicted and sentenced the above mentioned two accused, accordingly.
The charges against Avinash Yashwant Kumar Patel could not be substantiated and therefore, he has been acquitted from all the charges. As the accused Nilesh Dayabhai Patel is absconding, the trial against him has been separated
The Central Bureau of Investigation (CBI) registered the instant case on May 8, 2014 against Neeraj Kumar Jain, the then Branch Manager, Indian Overseas Bank, Himmatnagar, Gujarat and 15 other private persons. It was alleged that the accused Neeraj Kumar Jain, while working as Manager, IOB during the period from October, 2012 to September, 2013, in conspiracy with Nileshkumar Dayabhai Patel and Ketankumar M Patel and other 13 borrowers cheated the Indian Overseas Bank to the tune of Rs. 2.60 Crore by preparing and using forged documents as genuine in the matter of setting up of Greenhouse Project and thereby caused wrongful loss to the bank and corresponding wrongful gain to themselves. The accused Neeraj Kumar Jain, the then Branch Manager, IOB, also abused his official position by sanctioning and disbursing the above said loans.
Investigation revealed that the accused Neeraj Jain frequently sanctioned and disbursed 14 agricultural term loans for setting up Greenhouse Projects. Investigation further revealed that the accused Nileshkumar Dayabhai Patel and Ketankumar M Patel applied for two loans and twelve loans respectively in the name of their relatives and known persons and got sanctioned Rs 19 Lakh for each loan thus causing wrongful loss to the bank and corresponding gain to themselves.
After completion of Investigation, the CBI filed chargesheet on December 24, 2014 against the accused Neeraj Kumar Jain, the then Branch Manager, IOB and three private persons, namely, Nilesh Dayabhai Patel, Prop. M/s Riya Irrigation, M/s. N.D. Agriculture and M/s My Global Village, Sabarkantha, Gujarat, Ketan Kumar Mohanlal Patel and Avinash Yashwantkumar Patel, Prop. M/s Sagar Drip Irrigation, Kishan Agromill Sarkari Jin Road, Himmatnagar, Gujarat.
The Hon’ble Court, after the trial, convicted and sentenced the above mentioned two accused, accordingly.
The charges against Avinash Yashwant Kumar Patel could not be substantiated and therefore, he has been acquitted from all the charges. As the accused Nilesh Dayabhai Patel is absconding, the trial against him has been separated
