Ahmedabad, July 18: A special CBI court in Ahmedabad has sentenced a former branch manager of Indian Overseas Bank (IOB) and a private individual to three years of rigorous imprisonment for their involvement in a bank fraud case. This case pertains to fraudulent loans taken for greenhouse projects, resulting in a loss of ₹2.60 crore to the bank.
On Friday, the court found Neeraj Kumar Jain, the then-branch manager of IOB in Himmatnagar, Gujarat, and Ketan Kumar Mohanlal Patel, a private individual, guilty. The court imposed fines of ₹2.60 lakh on Jain and ₹1.10 crore on Patel.
According to the CBI, the case was registered on May 8, 2014, against Jain and 15 other private individuals. It was alleged that between October 2012 and September 2013, while serving as branch manager, Jain conspired with Nilesh Kumar Dayabhai Patel, Ketan Kumar Mohanlal Patel, and 13 other borrowers to defraud the Indian Overseas Bank. They used forged documents to secure loans for greenhouse projects.
The CBI claims that this conspiracy caused the bank a wrongful loss of ₹2.60 crore, with the accused benefiting equally from the fraud. The agency also alleged that Jain misused his official position by approving and disbursing loans despite the fraudulent nature of the documents.
During the investigation, it was revealed that Jain approved and disbursed 14 agricultural term loans for greenhouse projects. Nilesh Kumar Dayabhai Patel and Ketan Kumar Mohanlal Patel allegedly applied for 12 loans using the names of relatives and acquaintances, with each loan amounting to ₹19 lakh.
After completing the investigation, the CBI filed a charge sheet against Jain and three private individuals on December 24, 2014. Following the trial, the court convicted Jain and Ketan Kumar Mohanlal Patel.
Avinash Yashwantkumar Patel was acquitted as the charges against him could not be proven, while the case against Nilesh Dayabhai Patel has been separated, as he remains at large.
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