New Delhi: The CBI has been taking continuous action against cases of fraud and corruption. Amidst this, a special CBI court has delivered a significant verdict. The special CBI court in Indore has handed down severe sentences in a case involving a ₹3 crore fraud at UCO Bank. The court sentenced 13 convicts to five years of rigorous imprisonment in this case. This verdict follows 14 years of investigation and court proceedings, dealing a major blow to the convicts. The CBI court issued this order after a thorough examination of witnesses and evidence. The convicts may now file appeals in the High Court.
Verdict Delivered After 14 Years of Proceedings
On Saturday, the special CBI court in Indore sentenced 13 convicts to five years of imprisonment each in the ₹3 crore fraud case. Furthermore, the court imposed a total fine of ₹1.56 lakh on the convicts. Those found guilty can now file petitions in the High Court.
A spokesperson for the Central Bureau of Investigation (CBI) clarified the situation in a statement. The spokesperson stated that the agency had registered the case on March 30, 2012, based on a complaint filed by the Deputy Regional Manager of UCO Bank, Indore. The complaint alleged that the accused, acting in a criminal conspiracy, had obtained loan facilities by mortgaging land owned by third parties at various locations.
Fraud Committed Using Forged Identities
The CBI stated that all the accused involved in the case presented forged identities and provided data regarding various properties to the valuers. The agency further noted that the accused submitted fabricated documents to completely mislead the bank responsible for sanctioning the loans.
Consequently, the bank suffered a loss exceeding ₹3 crore. The agency completed its investigation through 10 charge sheets filed over the course of a year in 2013, following which the trial for these cases commenced. Subsequently, the CBI spokesperson stated that during the court proceedings, the accused were convicted and sentenced.
How the bank was defrauded
The modus operandi of the accused was truly shocking. They used forged identities and obtained a loan from UCO Bank by mortgaging third-party land. They had submitted documents bearing the forged signatures of the Sub-Registrar and fake revenue diversion orders. When UCO Bank became aware of the matter, it lodged a complaint on March 30, 2012. The CBI then conducted a thorough investigation, which gradually uncovered the entire scheme. Thirteen people were named as accused in this case.
