<p>A special <a href="https://www.mid-day.com/search/central-bureau-of-investigation-articles" target="_blank" rel="none noopener"><strong>CBI</strong></a> court has sentenced a former chief manager of the Bank of India to three years' imprisonment and also imposed a fine of Rs 1.5 lakh on him in a two-decades-old case of fraud.</p>
<p>Jeevangine Srinivasa Rao was accused of causing a wrongful loss of Rs 80 lakh to the bank.</p>
<p>He had allegedly helped a beneficiary avail a working capital of Rs 30 lakh, letter of credit of Rs 25 lakh and a term loan of Rs 25 lakh on the basis of forged and bogus collateral security, the Central Bureau of Investigation (CBI) said in a press release on Tuesday.</p>
<p>The CBI registered a case on October 30, 2003 against Rao and others for the offence of cheating, use of forged documents as genuine for availing loan, forgery of valuable security, criminal conspiracy, as well as the offence of criminal misconduct under the Prevention of Corruption Act.</p>
<p>After completion of the investigation, the CBI filed a chargesheet on December 23, 2005 against the accused persons.</p>
<p>Rao, the then chief manager of the Bank of India's SM Road branch in Ahmedabad, was found guilty, the CBI said in a press release on Tuesday.</p>
<p>The <a href="https://www.mid-day.com/mumbai/mumbai-crime-news/article/thane-court-acquits-man-accused-of-sexually-assaulting-teen-says-probe-half-hearted-23481426" target="_blank" rel="none noopener"><strong>court</strong></a> on Monday sentenced Rao to three years' imprisonment along with a fine of Rs 1.5 lakh, the release said.</p>
<p>It was alleged that the accused persons had submitted fake collateral security, opened an account in the name of a machinery supplier and deposited a cheque into it issued from the bank for the purchase of the machinery, the release said.</p>
<p>"The accused public servant (Rao) did not conduct due diligence while sanctioning the credit facility and also destroyed the documents related to fake collateral security submitted by the borrower," it said.</p>
<p>At the time of granting loan, Rao did not make proper pre-sanction and post-sanction enquiries about the accused private firm and its business activities, and in an act committed "in furtherance of criminal conspiracy," he took bogus equitable mortgage viz. a plot at Vayana village in Kalol taluka of Gandhinagar district, the CBI alleged.</p>
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Special CBI court sentenced a former chief manager of the Bank of India to 3-years imprisonment and also imposed a fine of Rs 1.5 lakh in 2003 fraud case

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He had allegedly helped a beneficiary avail a working capital of Rs 30 lakh, letter of credit of Rs 25 lakh and a term loan of Rs 25 lakh on the basis of forged and bogus collateral security, the CBI said

Court sentences former bank official to 3-year imprisonment in 2003 fraud case

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