Bank Manager held for 2 years for causing wrongful loss to the Bank

In two separate cases, the Special Judge for CBI cases in Mumbai sentenced Shri Ramchandra Shridhar Joshi, then Chief Manager of Bank of Baroda, Walkeshwar Road Branch, Mumbai, to two years of rigorous imprisonment (RI) and one year of imprisonment, respectively, along with a combined fine of Rs. 4,37,500 for causing wrongful loss to the bank.

In the first case, the Special Judge for CBI proceedings in Mumbai sentenced Shri Ramchandra Shridhar Joshi, the then Chief Manager of Bank of Baroda’s Walkeshwar Road Branch in Mumbai, to two years of RI and a fine of Rs.3,00,000.

On May 12, 1994, the Central Bureau of Investigation (CBI) filed a complaint against Shri Ramchandra Shridhar Joshi, then Chief Manager of the Bank of Baroda’s Walkeshwar Road Branch in Mumbai, and others.

It was stated that the accused formed a criminal conspiracy with a private individual to defraud the Bank of Baroda by misappropriating various funds totalling Rs.10.50 crore (approx) and diverting the same amounts to the accused private individual’s accounts using fraudulent techniques. Thus, the Bank suffered an unjust loss.

After an investigation, a chargesheet was filed on December 27, 1996, against two defendants, including the then-Chief Manager and a private person. The Court judged the accused guilty and sentenced him accordingly following the trial.

The case against another chargesheeted accused (private person) was dropped due to his death during the trial.

In the second case, the Special Judge for CBI cases in Mumbai sentenced Shri Ramchandra Shridhar Joshi, the then-Chief Manager of Bank of Baroda’s Walkeshwar Road Branch in Mumbai, to one year of rigorous imprisonment (RI) and a fine of Rs.1,37,500.

The CBI had filed a case against Shri Ramchandra Shridhar Joshi, then-Chief Manager of Bank of Baroda’s Walkeshwar Road Branch in Mumbai, and others. It was alleged that the accused conspired with other private individuals to defraud the Bank of Baroda, Walkeshwar Road Branch, Mumbai, and misappropriated an amount of Rs.5 crore (approx) by diverting the same amount to the account of a private person through fraudulent means, resulting in a wrongful loss to the Bank.

Chargesheets against four defendants, including Ramchandra Shridhar Joshi, were submitted on December 24, 1996, following an inquiry. Following the trial, the Court determined that the accused was guilty and punished him accordingly. The case against two chargesheeted suspects was dropped owing to their deaths during trial, while another accused was released.