Jaipur, February 27: In a significant move, the Central Bureau of Investigation (CBI) has secured a conviction in an old bank fraud case. The Additional Chief Judicial Magistrate (ACJM) in Jaipur found Alok Agarwal guilty and sentenced him to seven years of rigorous imprisonment along with a fine of ₹5 lakh on February 26, 2026. This case dates back to 1997, where Vijaya Bank suffered a loss of approximately ₹5 crore.
The CBI registered the case on November 21, 1997, based on a tip-off. The accused included S.R. Lalwani, the branch manager of Vijaya Bank at that time, M.R. Shetty, and directors S.S. Sharma and S.M. Agarwal of a private limited company. The investigation revealed that the accused conspired to take loans from the bank and misrepresented transactions with fake companies, leading to embezzlement of funds.
The accused misappropriated the money through various means, which was later withdrawn in cash by their employees and handed over to them. This fraudulent scheme resulted in a wrongful gain of ₹4,99,71,944 for the accused, causing an equal loss to the bank.
After completing the investigation, the CBI filed a chargesheet against S.M. Agarwal and Arun Agarwal on September 28, 2001. A supplementary chargesheet against Alok Agarwal was presented on October 3, 2002. During the lengthy trial, S.M. Agarwal passed away, leading to the termination of criminal proceedings against him on December 1, 2016. Arun Agarwal was acquitted due to lack of evidence.
Following the trial, the honorable court convicted Alok Agarwal and imposed the sentence. This verdict exemplifies the CBI’s stringent actions against bank fraud and the misuse of funds. The CBI presented robust evidence, which formed the basis for the court’s decision.
Leave a Comment