Bank Manager Plus 9 arrested for Misusing Cash Credit Facilities of Rs.8 Crore

The Central Bureau of Investigation (CBI) had registered a case on 30.03.2011 on a complaint from Oriental Bank of Commerce (Indore) against Shri Naresh Kumar Grover then Chief Manager of Oriental Bank of Commerce of Indore Branch, Shri Kailash Yadav the Proprietor of M/s Vyankateshwar Traders, Indore and 14 others in a Bank fraud case.

It was alleged that Shri N.K. Grover, then Chief Manager in collusion with other accused, had sanctioned Cash Credit Facilities amounting to Rs.8.1 crore (approx.) against forged Warehouse Receipts to 7 firms.

The Special Judge, CBI Cases, Indore (Madhya Pradesh) has sentenced S/Shri NK Grover, then Chief Manager, Oriental Bank of Commerce, Sneh Nagar, Branch, Indore to undergo five years Rigorous Imprisonment with a total fine of Rs. 99,000.

Other accused are Kailash Yadav the Proprietor of M/s Vyankateshwar Traders of Indore, Mohan Yadav (private person), Sandeep Yadav the Proprietor of M/s Madhav Traders, Manmohan Yadav the Proprietor of M/s Shrinath Traders and Deepak Yadav the Proprietor of M/s Shriram Traders of Indore, all have to undergo five years RI with a fine of Rs.15,000 each.

Apart from them, 3 other accused have to go with the same punishment i.e. five years RI with a fine of Rs.15,000 each. The other 3 accused are Rakesh Choudhary the Proprietor of M/s Choudhary Grain Merchant of Indore, Anil Patel the Proprietor of M/s Ganesh Marketing of Indore and the last accused Smt. Rajni Yadav the Proprietor of M/s Sanwariva Traders to undergo three years of RI with a fine of Rs.9,000.