Ex-Central Bank AGM among five jailed for Rs 10 cr fraud

A special CBI court in Mumbai has sentenced a former assistant general manager of Central Bank of India and four others to rigorous imprisonment for five years in a case of defrauding the bank for about Rs 10 crore.
Former AGM Dipendra Nanubhai Upadhyay was handed the sentence along with CA Mahesh Lalchand Jaiswal, garment businessman Bharat C Vedant and his employee Sandeep Ramesh Vedant and Sandesh Ramchandra Nage by the court, a CBI spokesperson said here.
A case was registered in this regard in 2004 in which it was alleged that in 2001 the said bank official had conspired with Vedant and released funds against various credit facilities and corresponding illegal gains to his three firms.

Fake documents were given to the bank as securities which resulted in a loss of approximately Rs 9.62 crore to the bank, the spokesperson said.