2 Bank Managers, Partner/Director of Company and Chartered Accountant sentenced to Jail for Bank Fraud

In a case involving bank fraud, the Special Judge of the CBI Court (Central), Lucknow, sentenced four defendants to three to five years of rigorous imprisonment (RI) and a total fine of Rs. 6,00,000/-. The court sentenced Sh. Rakesh Kumar Kaushal, the Branch Manager of Allahabad Bank, Mainpuri Branch, and Sh. G.K. Bhargava, the Senior Manager of Allahabad Bank, Mainpuri Branch, to three years of rehabilitation with a fine of Rs. 1.5 lakh each, and Sh. Mohan Agarwal, a Chartered Accountant, to three years of rehabilitation with a fine of Rs. 50,000. The court also 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 five years of rehabilitation with a fine of Rs. 2.5 lakh.

On June 26, 1996, the CBI opened a case against a number of defendants, including those found guilty and sentenced by the court. The allegations were that, between August 1988 and November 1993, defendants, including directors and partners of private companies, conspired with the then-branch managers and senior manager of Allahabad Bank’s Mainpuri branch to obtain various credit limits in favor of the aforementioned companies and firms using forged documents, defrauding the bank out of approximately Rs. 7.64 crore.

Charges were prepared on April 30, 2002, and the CBI issued the chargesheet against all accused parties in the case on May 02, 2000, including those found guilty by the court. Following the trial, the court found the defendants guilty and imposed the appropriate sentence.