AHMEDABAD: A Special CBI Court in Ahmedabad has convicted and sentenced two former UCO Bank officials and a private proprietor to three years of Rigorous Imprisonment (RI) in a significant bank fraud case. Along with the prison term, a total fine of ₹30 Lakh was imposed on the convicts.
The Convicts
Medam Bhagavathi Prasad: The then Senior Branch Manager, UCO Bank, Chiloda Branch, Gandhinagar.
Bhaskar Rameshchandra Soni: The then Assistant Manager/Bank Officer, UCO Bank, Chiloda Branch.
Jagrutiben Nimish Parikh: Proprietor of M/s Jagruti Plastics, Ahmedabad.
Case Background and Investigation
The Central Bureau of Investigation (CBI) initially registered the case on April 27, 2016. The investigation revealed a complex fraudulent scheme:
Modus Operandi: Medam Bhagavathi Prasad, while serving as Branch Manager, fraudulently sanctioned and disbursed Cash Credit Limits and Term Loans totaling ₹643 Lakh.
Forged Documents: The loans were disbursed based on forged documents to 17 different persons/firms.
Financial Loss: As of December 2015, the outstanding amount in these 17 accounts was ₹363 Lakh. Most of these accounts turned into Non-Performing Assets (NPA), resulting in a massive financial loss to UCO Bank.
The Trial and Verdict
Following a detailed investigation, the CBI filed a chargesheet on November 17, 2017. Per the directions of the Special Judge, separate chargesheets were later filed on June 10, 2022.
After a thorough trial, the Honorable Court found the accused guilty of abusing their public positions and committing fraud. The sentencing on April 15, 2026, serves as a stern reminder of the legal consequences of financial irregularities and corruption within the banking sector.
