Did the former Union Bank manager really get a 4-year jail term in a Rs 40 lakh loan fraud case?
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Synopsis
In a significant ruling, a former Union Bank manager has been sentenced to over four years in prison for a loan fraud scheme amounting to Rs 40 lakh. This case highlights the ongoing battle against financial malpractice in banking institutions, shedding light on the serious consequences of fraudulent activities.
Key Takeaways
- Former Union Bank Manager sentenced for loan fraud.
- Four years imprisonment along with a Rs 30,000 fine.
- Fraud involved Rs 40 lakh loan based on forged documents.
- CBI actively pursuing financial crime cases.
- Accountability emphasized in banking sectors.
Ghaziabad, Nov 21 (NationPress) On Friday, a Special CBI Court here found the former Branch Manager of Union Bank of India’s Noida branch guilty and sentenced him to over four years in prison, along with a fine of Rs 30,000 in connection with a Rs 40 lakh loan fraud case.
The accused, Manoj Srivastava, was charged with approving a Rs 40 lakh bank loan to a borrower based on forged documents, as stated by a CBI official.
The Central Bureau of Investigation (CBI) initiated the case on December 14, 2010.
Between May 2007 and June 2009, Srivastava misused his authority as a public servant, colluding with Kaushal Kishore Sharma, the owner of Surendra Electricals, and Surendra Kumar Shukla, a private individual. He sanctioned the Rs 40 lakh on November 15, 2008, using falsified documents, which resulted in a wrongful loss to the bank.
The CBI submitted a charge sheet on September 29, 2012, against Srivastava, Sharma, and Shukla. The Special Court framed charges against Srivastava on August 9, 2019.
On August 22, 2025, Srivastava requested permission to plead guilty, which the court accepted, leading to his sentencing on Friday.
In a related case, a Special CBI court also sentenced a loan applicant to over three years in prison for a bank fraud involving Rs 1.17 crore, as confirmed by an official.
The court sentenced Kapil Kumar to three years, seven months, and 10 days in prison, along with a fine of Rs 50,000.
The CBI opened this case on September 13, 2017, accusing Kumar of engaging in a criminal conspiracy with accomplices to apply for a loan without complete documentation, resulting in a sanctioned amount of Rs 99 lakh for himself and his wife, co-accused Manisha Devi.
The duo used the loan, purportedly for purchasing a plot, based on forged documents, withdrawing Rs 96 lakh from the account and misusing the funds contrary to the loan agreement.
In collusion with others, Kapil Kumar defrauded Canara Bank (previously Syndicate Bank) in Ghaziabad, causing a loss of Rs 1.17 crore to the institution, as stated by the CBI.
The CBI filed the chargesheet on December 23, 2021, against Kumar and other involved parties.
Charges against Kumar were framed on July 18, 2025. He subsequently filed an application to plead guilty on November 12, which the Special Judge accepted, resulting in his conviction and sentencing.
Point of View
This case underscores the importance of accountability within financial institutions. The conviction of former bank officials for fraudulent activities sends a clear message that the justice system is vigilant against corruption. As the nation progresses, it is essential to maintain the integrity of our banking systems, ensuring that public trust is upheld.
NationPress
22/11/2025
Frequently Asked Questions
What was the penalty for the former Union Bank manager?
The former Union Bank manager was sentenced to over four years in prison and fined Rs 30,000.
What was the fraud amount involved in this case?
The fraud amount involved in this case was Rs 40 lakh.
When was the case registered by the CBI?
The case was registered by the CBI on December 14, 2010.
Who else was involved in the loan fraud case?
Kaushal Kishore Sharma and Surendra Kumar Shukla were also involved in the loan fraud case.
What were the consequences for Kapil Kumar in a related case?
Kapil Kumar was sentenced to over three years in prison for his involvement in a separate bank fraud case.
