Madhya Pradesh: CBI Court Sentences 9 Including Chief Manager To Rigorous Imprisonment In Oriental Bank Of Commerce Fraud Case

The Special Judge, CBI Cases, Indore (Madhya Pradesh), has sentenced S/Shri NK Grover, then Chief Manager of Oriental Bank of Commerce, Sneh Nagar Branch, Indore, to undergo five years of Rigorous Imprisonment with a total fine of Rs. 99,000/-. Kailash Yadav, Proprietor of M/s Vyankateshwar Traders, Indore, is to undergo five years of RI with a fine of Rs. 15,000/-. Mohan Yadav (a private person) is sentenced to undergo five years of RI with a total fine of Rs. 90,000/-. Sandeep Yadav, Proprietor of M/s Madhav Traders, Indore, will undergo five years of RI with a fine of Rs. 15,000/-.

Details of punishment awarded

Manmohan Yadav, Proprietor of M/s Shrinath Traders, Indore, is to undergo five years of RI with a fine of Rs. 15,000/-. Deepak Yadav, Proprietor of M/s Shriram Traders, Indore, will undergo five years of RI with a fine of Rs. 15,000/-. Rakesh Choudhary, Proprietor of M/s Choudhary Grain Merchant, Indore, is sentenced to undergo five years of RI with a fine of Rs. 15,000/-. Anil Patel, Proprietor of M/s Ganesh Marketing, Indore, is to undergo five years of RI with a fine of Rs. 15,000/. Lastly, Smt. Rajni Yadav, Proprietor of M/s Sanwariva Traders, Indore, will undergo three years of RI with a fine of Rs. 9,000/ in a Bank fraud case.

Background details of the case

CBI registered a case on 30 March, 2011, based on a complaint from Oriental Bank of Commerce, Indore, against Shri Naresh Kumar Grover, then Chief Manager of Oriental Bank of Commerce, Sneh Nagar Branch, Indore; Shri Kailash Yadav, Proprietor of M/s Vyankateshwar Traders, Indore, and 14 others.

The allegations were that Shri N.K. Grover, then Chief Manager, in collusion with other accused, had sanctioned Cash Credit Facilities amounting to Rs. 8.1 crore (approx.) against forged Warehouse Receipts to 7 firms. The records of land pledged as collateral security against the said loan/CC Facility were also found to be false/forged.

After investigation, CBI filed 09 separate chargesheets against the accused. The Trial Court found the said accused guilty and convicted them.