Delhi CBI court sentences four to 4 years jail in IDBI bank fraud case

A Delhi CBI Court sentenced four accused persons to four years' imprisonment and a Rs 1 lakh fine each in a bank fraud case. They were convicted of cheating IDBI by fraudulently availing a Rs 15 crore loan and siphoning off the funds.

The CBI Court in Delhi, in its judgment and order passed on December 18, sentenced four accused persons to four years' imprisonment and a fine of Rs. One Lakh each, in a bank fraud case, an official press release

Case Background

The Central Bureau of Investigation (CBI) registered the instant case on February 9, 2009, on the conversion of Preliminary Enquiry.

It was alleged that the accused in conspiracy with each other, availed a Rupee Term Loan of Rs 15 Crore from Industrial Development Bank of India (IDBI) by submitting false information and forged documents showing utilisation of loan proceeds and siphoned off the funds so received from IDBI for purposes other than the purpose for which the loan was sanctioned and thereby cheated the IDBI.

Investigation and Trial

After completing the investigation, the CBI filed a chargesheet against the accused on April 22, 2010. The Court, after the trial, convicted and sentenced the accused accordingly. (ANI)

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