CBI Court sentences former UCO Bank officials and Private proprietor to 3 years rigorous imprisonment with a total a fine of Rs 30 Lakh in Bank Fraud Case

The CBI Court Ahmedabad,  today, i.e., 15.04.2026, has convicted and sentenced Medam Bhagavathi Prasad, the then Sr. Manager, Bhaskar Rameshchandra Soni, the then Asstt. Manager of UCO Bank, Chiloda Branch, Gandhinagar and Jagrutiben Nimish Parikh, Prop. of M/s Jagruti Plastics, Ahmedabad, to Rigorous Imprisonment for Three Years with a total Fine of Rs. 30 Lakh in a bank fraud case.  

The Central Bureau of Investigation (CBI) registered the instant case on 27.04.2016 against the accused Medam Bhagavathi Prasad, the then Branch Manager, Bhaskar Rameshchandra Soni, the then Bank Officer, both of UCO Bank, Chiloda Branch, Gandhinagar; Jagrutiben Nimish Parikh, Prop. of M/s Jagruti Plastics, Ahmedabad and others. It was alleged that the accused Medam Bhagavathi Prasad while working as public servant in the capacity of Branch Manager, UCO Bank, Chiloda Branch, Gandhinagar, fraudulently sanctioned & disbursed Cash Credit Limit (including Term Loans) total amounting to Rs.643 lakh, based on forged documents to 17 different persons/firms(borrowers). It was further alleged that the total outstanding amount in aforesaid 17 accounts as on December - 2015 was Rs.363 Lakh. Most of the loan accounts turned into NPA, and the remaining accounts were on the verge of becoming NPA account, resulting in huge loss to the UCO Bank.

After investigation, the CBI filed a chargesheet on 17.11.2017 against the accused. During the trial, the Hon’ble Special Judge, CBI Court, vide order dated 23.11.2021, directed the CBI to file separate chargesheets, which were subsequently filed on 10.06.2022.

The Hon’ble Court, after the trial, convicted and sentenced them accordingly.

Source