CBI filed chargesheet against UCO bank’s former officials

January 2016, Banking
In brief: UCO officials alleged for cheating the bank of Rs.36 crores.


The Central Bureau of Investigation has filed a charge sheet against 11 former officials of UCO Bank and two directors of a private firm for allegedly cheating the bank of Rs.36 crore by sanctioning a loan through fraudulent means. The agency alleges that Ashok Kumar Rathi and Kishore Rathi, directors of the Nagpur-based Maven Industries Limited, entered into a conspiracy with the accused officials holding key posts in UCO Bank, to get the loan sanctioned. The accused were then also running a company named Maven Fats and Proteins Private Limited.
“Among those accused were two UCO executive directors, Bijay Kumar Dutta and Virendra Dhingra, and nine other officials of the general manager, deputy general manager and assistant general manager ranks,” said a CBI official.

It is alleged that the officials wilfully overlooked the procedures and safeguards to favour the private company and sanctioned the loan of Rs.36 crore. “The firm siphoned off the money, resulting in huge losses to the nationalised bank,” said the official.

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