CBI Court Convicts 4 Former Bankers in Rs 6.43 Crore UCO Bank Fraud Case

The Central Bureau of Investigation (CBI) has released a press release dated March 24, 2026, announcing the conviction of four accused people. These four individuals include the former Senior Manager, and former Assistant Manager of UCO Bank (Chiloda Branch, Gandhinagar, Gujarat) and two other private individuals, in relation to two distinct bank fraud cases. They all four have been sentenced to severe imprisonment for five years, along with the imposition of a fine.

In the first case, Medam Bhagavathi Prasad, the former Senior Manager; Bhaskar Rameshchandra Soni, the former Assistant Manager of UCO Bank, Chiloda Branch, Gandhinagar; and Jayendrasinh Dahyaji Makwana, owner of M/s Heaven Five Enterprise, Sabarkantha, have been sentenced to strict detention for five years, along with the imposition of a Rs 1.33 Crore fine.

The second case involved four key accused, including Medam Bhagavathi Prasad, the former Branch Manager, Bhaskar Rameshchandra Soni, the former Bank Officer of UCO Bank, Chiloda Branch, Gandhinagar; Vanrajji Prabhtaji Solanki, owner of M/s Shree Vanraj Enterprise, Gandhinagar; and others. They all have been sentenced for strict detention for five Years with total fine of Rs. 72 lakhs

The bank fraud case was registered by the CBI on April 27, 2016. According to the CBI, the fraud dates back to 2016, when a case was registered against the accused. Investigations revealed that the bank officials had sanctioned and disbursed loans worth about Rs 6.43 crore using forged documents. These loans were given to multiple borrowers and firms without proper verification.

By December 2015, around Rs 3.63 crore remained unpaid across 17 loan accounts. Most of these accounts turned into non-performing assets (NPAs), causing significant financial losses to the bank. After completing the investigation, the CBI filed charge sheets in November 2017. Following a full trial, the court found the accused guilty and sentenced them accordingly.