CBI arrests accused allegedly involved in financial bungling

CBI today arrested one person in connection with financial bungling in a bank, 17 years after he went absconding, a top prosecuting agency official said.
Ravindra Pandit was arrested and produced in an Indore court from where he was sent to an Indore jail until March 27.
Pandit had been absconding since July 1, 1998 and was declared a proclaimed offender on September 29, 2004, by a trial court, the Bhopal CBI Anti-Corruption Bureau head and Superintendent Hari Singh said in a statement issued here today.
According to the prosecution, former manager of Bank of India's Rambagh branch in Indore Arun Khare had allegedly entered into a criminal conspiracy with people associated with Ahilya Fertilisers Private Ltd and L B Rao Graphic Systems, both based in Indore, to fraudulently as well as dishonestly purchase a large number of bogus cheques between 1987 and 1990, he said.

Through this modus operandi, he flouted his delegated financial authority, which resulted in payment of heavy overdraft and inflicted Rs 50 lakh loss to the bank and benefited Pandit, Tilak Chitte, S M Karnik, he said.
Khare and two others were booked under Section 420 (fraud) among other sections of the IPC on July 18, 1991.
On September 22, 2005, a CBI trial court had convicted all the accused in financial bungling except Pandit, since he was absconding then.