Ex-UCO Bank officials among 4 sentenced by CBI court to 5 years for bank fraud

AHMEDABAD: A special CBI court in Ahmedabad has convicted and sentenced four accused, including two former officials of UCO Bank, to five years of Rigorous Imprisonment along with fines in two separate bank fraud cases, officials said on Tuesday.

The court on March 23 awarded the sentence to the then Senior Manager Medam Bhagavathi Prasad, then Assistant Manager Bhaskar Rameshchandra Soni, and private individuals involved in the cases.

In the first case, the court sentenced Medam Bhagavathi Prasad, Bhaskar Rameshchandra Soni, and Jayendrasinh Dahyaji Makwana, proprietor of M/s Heaven Five Enterprise, to five years’ rigorous imprisonment and imposed a total fine of Rs 1.33 crore.

The case was registered by the CBI on April 27, 2016, against the accused and others.

It was alleged that Prasad, while serving as Branch Manager of UCO Bank’s Chiloda branch in Gandhinagar, fraudulently sanctioned and disbursed cash credit limits and term loans amounting to Rs 6.43 crore on the basis of forged documents to various borrowers.