What Led to the Rs 6.8 Crore Fraud? CBI Court Sentences Bank Manager and Two Others?
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Synopsis
A shocking case of fraud has emerged as a Special CBI Court in Lucknow sentenced a bank manager and two accomplices to three years of imprisonment due to a scheme that caused a massive loss of Rs 6.80 crore to the Bank of India. Discover the details behind this significant financial crime.
Key Takeaways
- Three-year imprisonment for bank manager and accomplices.
- Each received a fine of Rs 1.25 lakh.
- Fraud led to a loss of Rs 6.80 crore.
- Case involved forged documents and criminal conspiracy.
- Initiated by a complaint in 2008.
Lucknow, Sep 23 (NationPress) A Special CBI Court in Lucknow has sentenced a bank official and two accomplices to three years of imprisonment, along with a penalty of Rs 1.25 lakh each, following a fraud that resulted in a staggering loss of Rs 6.80 crore for the bank, as confirmed by an official on Tuesday.
The court found Pankaj Khare, Deputy Chief Manager of Bank of India, alongside two private individuals, Rajesh Khanna and Shamshul Haq Siddiqui, guilty in a case initiated in 2008 based on a complaint from Bank of India, according to the CBI official.
The trio received a three-year prison sentence and a fine of Rs 1.25 lakh each for their fraudulent activities that occurred between 2004 and 2006, the official noted in a statement.
Additionally, the court levied a fine of Rs 1 lakh on the private company involved, Anita Contractor and Construction Private Limited, in relation to the case, as detailed in the statement.
The Central Bureau of Investigation (CBI) initiated their investigation on July 9, 2008, following a complaint from the Assistant General Manager of Bank of India, Main Branch, Hazratganj, Lucknow.
The complaint alleged that from 2004 to 2006, the accused engaged in a criminal conspiracy with others to defraud the Bank of India, Lucknow Branch, by obtaining a cash credit facility based on counterfeit and fabricated work orders.
The company and its officials also presented forged property documents for creating an equitable mortgage and misappropriated the funds for purposes other than those for which they were sanctioned, leading to a wrongful loss to the bank amounting to Rs 6.80 crore and corresponding unjust enrichment for themselves, as stated in the complaint.
Following the investigation, the CBI submitted a charge sheet on December 23, 2009, against several individuals, including Anita Jain, Managing Director of Anita Contractor and Construction Private Limited; Mohd. Isteyaq Khan; Pankaj Khare; Poonam Sinha; Prem Prakash Asthana; Rajesh Khanna; Shamshul Haq Siddiqui; Sudhir Kumar Jain; and the company itself (via Anita Jain).
The CBI's statement indicated that Prem Prakash Asthana and Poonam Sinha were discharged by the Special CBI Court, and Sudhir Jain and Mohd. Isteyaq Khan passed away during the trial.
Point of View
I believe this case highlights the pressing need for stricter regulatory oversight in the banking sector. The sentence handed down by the CBI Court serves as a reminder that financial misconduct will not be tolerated. The integrity of our banking system is paramount, and we must ensure accountability to maintain public trust.
NationPress
23/09/2025
Frequently Asked Questions
What was the amount involved in the fraud?
The fraud resulted in a loss of Rs 6.80 crore to the Bank of India.
What penalty was imposed on the convicted individuals?
Each individual was sentenced to three years of imprisonment and fined Rs 1.25 lakh.
When was the case registered?
The case was registered on July 9, 2008.
What were the methods used in the fraud?
The accused utilized forged work orders and property documents to secure a cash credit facility.
What is the significance of this case?
This case underscores the need for stringent oversight in the banking sector to prevent financial fraud.
