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Three former Central Bank of India officials and a co-borrower were sentenced for a multi-crore loan fraud in Pune. How did forged documents and a housing loan scheme lead to one of the city’s most high-profile banking scams?
Two bank officials jailed for three years in Pune CBI fraud case
Pune: The CBI Court in Pune has sentenced two former officials of the Central Bank of India, Pimpri Branch, Pune, along with a co-borrower, in a high-profile bank fraud case.
The court handed down rigorous imprisonment (RI) of three years to Nandkishore Khairnar, the former Branch Manager, and Ravi Bhushan Prasad, the former Assistant Manager, along with a fine of Rs 75,000 each. The co-borrower, Priyanka Prashant Vispute, was sentenced to two years RI with a fine of Rs 25,000.
The Central Bureau of Investigation (CBI) registered the case on February 17, 2016, targeting several officials of the Central Bank of India and borrowers involved in fraudulent transactions.
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The case primarily revolved around the sanctioning of a housing loan worth Rs 18.75 lakh to Prashant Laxman Vispute and Priyanka Prashant Vispute based on forged documents. The bank reportedly suffered a loss of Rs 24.54 lakh as a result of the fraudulent activity.
The investigation led to the filing of six separate chargesheets covering different aspects of the alleged criminal conspiracy involving bank officials and borrowers. The accused included Rakesh Jaiswal, the then AGM of the branch, borrowers Dhiraj Ghanshamdas Chachlani, Karan Rohit Gulati, Rajesh Shishupal Pangal, and others.
During the trial of Special Case No. 21/2018, evidence revealed that the bank officials and borrowers conspired to manipulate loan documents and defraud the bank. Two accused, Rakesh Jaiswal (AGM) and Prashant Laxman Vispute (borrower), passed away during the proceedings, resulting in abatement of charges against them.
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After careful examination of the evidence, the court convicted the remaining three accused. The sentencing underscores the seriousness with which Indian courts treat financial fraud and breaches of trust involving public servants.
This case highlights ongoing challenges faced by banks in preventing fraud and ensuring accountability among staff. The court’s decision serves as a reminder of the legal consequences of financial misconduct and the role of investigative agencies like the CBI in safeguarding public funds.
