Bank fraud in Bhopal: Two ex- branch managers among nine booked for swindling Rs 1.78 crore

Bank fraud in Bhopal: Two ex- branch managers among nine booked for swindling Rs 1.78 crore

The branch manager, co-conspirators got a project drafted with the help of a charted accountant and submitted the same with all required documents.

Staff ReporterUpdated: Wednesday, January 08, 2020, 09:55 PM IST
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BHOPAL: Economic Offences Wing has registered a case against two former branch managers of Bank of Baroda and seven others on charges of Rs 1.78 crore embezzlement.

DG EOW, Sushobhan Banerjee informed that the regional bank officials of BoI, Indore had filed a complaint against the then branch manager of Khargon Kishore Kumar Sarvate, Burhanpur branch manager Sanjiv Aggarwal and seven others for swindling Rs 1,78,74,000 in the name of setting up poly houses at the farmers’ agricultural fields.

It has been alleged that in the year 2016 the then manager Sarvete, director of Raj Eco Farms Rajendra Singh Tanwar, director of Season of Joy Village Sourabh Dubey and others had hatched a conspiracy to obtain loan on pretext of installing poly houses on farm land and then to turn the accounts NPA thus making away with the entire loan amount.

The branch manager, co-conspirators got a project drafted with the help of a charted accountant and submitted the same with all required documents. They got prepared fake ‘letter of interest’ on the letterhead of National Horticulture Board and submitted the same to Burhanpur branch, which was authorised to process the loan and carry out other certifications. The then branch manager of Burhanpur, Sanjiv Aggarwal, keeping the norms at bay, did not procure the original documents and transferred 75 per cent of the loan amount in one go into the accounts of the farmers. The EOW had also incorporated name of Aggarwal in the list of accused. The agency has booked the accused under section 409,420,120-B,467,468,471 of IPC.

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