2 Ex Bankers, 1 CA Sentenced To RI In Bank Fraud Case

Designated court at Lucknow sentences four accused including two then managers of Allahabad Bank, a then partner/director of private companies and a chartered accountant to 3-5 years’ rigorous imprisonment with total fine of Rs Six lakh in a bank fraud case

FinTech BizNews Service    

Mumbai, March 301, 2024: The Special Judge, CBI Court (Central), Lucknow has sentenced four accused to Rigorous Imprisonment (RI) of 3-5 years alongwith total fine of Rs. 6,00,000/- in a Bank Fraud case. The Court sentenced Shri Pawan Goel, Partner of M/s Tara Chand Jai Narain, Mainpuri and Director of M/s Ganga Plywood Industries Company Pvt. Ltd. & M/s Mohan Agro Mills Ltd to 5 years RI with fine of Rs. 2.5 lakh, Sh. Rakesh Kumar Kaushal, the then Branch Manager, Allahabad Bank, Mainpuri Branch & Sh. G.K. Bhargava, then Sr. Manager, Allahabad Bank, Mainpuri Branch to 3 years RI with fine of Rs. 1.5 lakh each and Sh. Mohan Agarwal, Chartered Accountant to 3 years RI with fine of Rs50,000.

          CBI had registered a case on 26.06.1996 against various accused including those convicted and sentenced by the Court, on the allegations that, during August 1988 to November 1993, accused including Directors/Partners of Private Companies in connivance with then Branch Managers and Senior Manager all of Allahabad Bank, Mainpuri Branch, got sanctioned various credit limits in favour of above companies/firms on the basis of forged documents and thereby defrauded the bank to the tune of Rs. 7.64 crore (approx).

        Chargesheet in the case was filed by CBI on 02.05.2000 against accused including those convicted by the court and Charges were framed on 30.04.2002. After trial, the Court held the accused guilty and sentenced them accordingly.

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