Indore: A CBI court in Indore has sentenced 13 people to five years of rigorous imprisonment each in a bank fraud case that caused a loss of more than ₹3 crore to UCO Bank. The court also imposed a total fine of ₹1.56 lakh on the convicts. They were found guilty of obtaining loans by allegedly mortgaging land belonging to third parties and using forged documents and fictitious identities.
The convicted persons have been identified as Anil Patel, Manmohan Yadav, Kailash Yadav, Mona Yadav, Deepak Yadav, Ashish Patel, Tulsiram Yadav, Mohan Yadav, Rajani Yadav, Sandeep Yadav, Satish Patel (Patil), Kalpana Patel and Radha Yadav. The case was investigated by the Central Bureau of Investigation (CBI).
According to the CBI, the case originated on March 30, 2012, following a complaint filed by the then Deputy Zonal Manager of UCO Bank in Indore. The agency alleged that the accused entered into a criminal conspiracy to obtain loans from the bank by using properties that were actually owned by third parties.
Investigators alleged that during the loan process, the accused showed different properties to bank-appointed valuers and used fictitious identities to support their applications. The alleged objective was to mislead bank officials about the ownership and authenticity of the properties and secure approval for the loans.
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The CBI further alleged that the accused submitted forged sale deeds containing fabricated signatures of Sub-Registrars. They also allegedly produced false SDO revenue diversion orders. These documents were allegedly used to convince bank officials that the properties offered as security were genuine and that the supporting records were legitimate.
According to the investigating agency, the alleged fraudulent transactions resulted in a financial loss of more than ₹3 crore to UCO Bank. After examining the property records, loan documents, identities and other evidence connected with the transactions, the CBI filed 10 separate chargesheets in the case.
The CBI completed its investigation and filed the 10 chargesheets before the court on December 20, 2013. After the court took cognisance of the matter, trial proceedings began in 10 separate cases arising from the CBI investigation. The prosecution presented documentary and other evidence to establish the allegations against the accused.
Following the lengthy legal proceedings, the court examined the evidence and material placed on record. Based on the findings during the trial, the court convicted all 13 accused and sentenced each of them to five years of rigorous imprisonment. A combined fine of ₹1.56 lakh was also imposed on the convicts.
The CBI said the convictions were the outcome of its investigation into the alleged conspiracy involving the fraudulent use of property documents and identities to obtain bank loans. The agency said the use of third-party properties, forged documents and fictitious identities formed key elements of the alleged fraud.
The case highlights the risks faced by financial institutions when fraudulent property documents and identities are used to obtain loans. The conviction follows a prolonged investigation and judicial process into allegations that the bank was induced to sanction loans on the basis of false property and identity records.
