Bank of Baroda Chief Manager sent to two year Jail by CBI court

A special CBI court in Mumbai has delivered a verdict after 27 years in a case involving a manager from the Bank of Baroda. The manager, identified as Ramchandra Shridhar Joshi, has been found guilty in two separate cases for his involvement in causing a total loss of over Rs 15 crore to the bank. The cases revolve around the fraudulent diversion of funds from the bank to conspirators.

According to officials, the Central Bureau of Investigation (CBI) had charge-sheeted Joshi back in 1996, during his tenure as the Chief Manager at the Walkeshwar Road Branch in Mumbai. The CBI took over the investigation in 1994 and subsequently filed charge sheets in both cases in 1996.

The first case involves a loss of Rs 10.50 crore, while the second case involves a loss of Rs 5 crore. The CBI alleges that Joshi fraudulently diverted the bank’s funds to the accused conspirators, leading to these substantial losses.

After an extensive trial, the special CBI court has now delivered its verdict. In the first case, Joshi has been sentenced to under two years of rigorous imprisonment along with a fine of Rs three lakh. In the second case, he has been sentenced to one year of imprisonment and a fine of Rs 1.37 lakh.

It is important to note that during the trial, two of the charge-sheeted accused individuals passed away, resulting in the abatement of their cases. Additionally, another accused was discharged, leaving Joshi as the sole person convicted in connection with these fraudulent activities.

This verdict marks the end of a long legal process that has spanned nearly three decades. The conviction of the Bank of Baroda manager serves as a reminder of the consequences that can be faced by individuals involved in financial fraud and the commitment of investigative agencies like the CBI to bring such individuals to justice