What Led to the 2-Year Jail Sentence for a Bank Manager in a Rs 1.23 Crore Fraud?
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Synopsis
A Special CBI Court has sentenced Laxman Singh Rawat, a rural bank manager in Uttarakhand, to two years in prison for committing a Rs 1.23 crore fraud in 2010. The case highlights the importance of vigilance in financial institutions and serves as a reminder of the consequences of financial misconduct.
Key Takeaways
- Laxman Singh Rawat received a two-year prison sentence for fraud.
- The fraud involved Rs 1.23 crore misappropriated from the bank.
- Five accomplices were also sentenced for their roles.
- The case emphasizes the importance of vigilance in banking.
- The judiciary's response demonstrates a commitment to justice.
Dehradun, Sep 30 (NationPress) A Special CBI Court has sentenced a rural bank manager in Uttarakhand to two years in prison for committing a fraud amounting to Rs 1.23 crore in 2010, an official reported on Tuesday.
The court handed Laxman Singh Rawat, who was the manager of Uttarakhand Gramin Bank in Dehradun, a prison sentence along with a fine of Rs 15,000, as stated by the CBI.
On Monday, the court also found five other individuals guilty in this case, sentencing each to one year in prison and imposing a fine of Rs 10,000 on them. The convicted individuals include Makan Singh Negi, Kalam Singh Negi, Sanjay Kumar, R.C. Arya, and Meena Arya.
The Central Bureau of Investigation (CBI) initiated the case on February 24, 2010, following a complaint from the Chief Manager of Vigilance at Uttarakhand Gramin Bank, Dehradun, against Rawat.
The investigation revealed that Rawat created a debit entry of Rs 1.23 crore by debiting the head office account for the Prem Nagar branch and crediting it to six distinct loan accounts belonging to private individuals and entities.
After the investigation, the CBI filed a charge sheet on April 1, 2011, against Rawat and the five other defendants.
In a related case, a Special CBI Court in Ghaziabad, Uttar Pradesh, sentenced a branch manager of Union Bank of India to four years in prison with a fine of Rs 30,000 for a Rs 40 lakh bank fraud on September 25.
According to the CBI, the case, registered on December 14, 2010, involved Manoj Srivastava, the branch manager of the bank's SSI Branch in Noida, among others, accused of bank fraud.
“Srivastava, while functioning as the Branch Manager from May 2007 to June 2009, conspired with Om Prakash Maheshwari, the proprietor of M/s Pioneer Enterprises, and others to approve a loan of Rs 40 lakh based on fraudulent documents, resulting in significant losses to the bank,” stated a CBI report.
Point of View
This case serves as a critical reminder of the need for stringent oversight and accountability within financial institutions. The judiciary's decision underscores the importance of maintaining integrity in banking practices. It is imperative that such actions are addressed to safeguard public trust and ensure robust financial governance.
NationPress
30/09/2025
Frequently Asked Questions
What was the amount involved in the fraud?
The fraud amounted to Rs 1.23 crore.
Who was sentenced to jail?
Laxman Singh Rawat, the former manager of Uttarakhand Gramin Bank, was sentenced.
What was the consequence for the five other individuals?
They were each sentenced to one year in prison and fined Rs 10,000.
When did the fraud occur?
The fraud was committed in 2010.
What action did the CBI take?
The CBI initiated an investigation and filed a charge sheet in 2011.
