5 years rigorous imprisonment to three then officers of Central Bank Home Finance Ltd and others

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New DELHI/Jalandhar, February 11, 2014: The Special Judge, CBI cases, Jabalpur has convicted 11 accused persons ,  S.C.Jharia & B.S.Sullere, both the then Branch Managers and S S Solanki, the then Junior Officer, all of Central Bank Home Finance Limited, Jabalpur (a subsidiary company of Central Bank of India) & eight others and sentenced them to undergo five years Rigorous Imprisonment each U/s 120 B, 420, 468 & 471 IPC and 13 (2) r/w (1) (d) P.C. Act. 1988, and fines ranging from Rs.5,000 to Rs.2,90,000.
The CBI filed nine separate charge sheets on September 29, 2007 before the Special Judge, CBI Cases, Jabalpur against S.C.Jharia, B.S.Sullere, both the then Branch Managers &  S.S. Solanki, the then Junior Officer, all of Central Bank Home Finance Limited and 12 other borrowers & private builders U/s 120 B, 419, 420, 468 & 471 IPC and 13(2) read with (1)(d) P.C. Act. 1988, alleging that during the period 2002-2003, the said accused public servants in criminal conspiracy among themselves and with other 12 borrowers,  private builders and Panel Advocate, dishonestly & fraudulently sanctioned & disbursed housing loans to the borrowers  for purchasing ready built flats & for constructing houses on the basis of fake pay slips & fake employer certificates as well as false search reports furnished by the Panel Advocate of the said company without conducting pre or post sanction inspections.
It was also alleged that since the said accused public servants created in fructuous mortgage, the bank could not enforce recovery by attaching the properties, financed by the said company. A loss of about Rs.85,75,000 was caused to Central Bank Home Finance Limited, Jabalpur.   
The Trial Court found 11 accused guilty and convicted them. The Special Judge acquitted one of the borrowers and a Panel Advocate of Central Bank Home Finance Limited. Two other accused builders were absconders during investigation itself and hence, judgment was not pronounced against them.// New delhi news,  New delhi current news,  New delhi news live, New delhi breaking news, New delhi headlines, New delhi latest news, Jabalpur news, india news, world news,

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Date: 
Tuesday, February 11, 2014