CBI Court sent Indian Overseas Bank Manager to 3 years Jail in Rs.8 Crore Fraud Case

In a significant ruling, a special court of the Central Bureau of Investigation (CBI-ACB) has sentenced three individuals, including Avinash Gholap, the former director of the Dudhaganga Cooperative Milk Producers’ Society, to three years of rigorous imprisonment. The case involves the embezzlement of ₹8 crore from the Indapur branch of the Indian Overseas Bank. The judgment was delivered by Special Judge A. S. Waghmare.

Who Were the Accused?

The three individuals convicted in this case are:

• Avinash Rajendrakumar Gholap (58 years old), a resident of Gholpwadi, Indapur, who was the former director of the Dudhaganga Cooperative Milk Producers’ Society.
• Laxman Ramchandra Rathod (39 years old), who was the branch manager of the Indian Overseas Bank at the time of the fraud. He resides in Lingapur, Asifabad.
• Hanumant Gorakh Salunkhe (40 years old), a businessman from Karmala, Solapur district.

The Fraudulent Activities

The fraudulent transactions occurred between July 2013 and July 2016. Laxman Rathod, the branch manager at the time, was found guilty of transferring ₹7.74 crore into the accounts of Gholap and Salunkhe under false pretenses. These transfers were made under the agricultural loan and Kisan Credit Card schemes, without proper approval or written consent from the farmers. As a result, the bank suffered significant financial losses.

Penalties and Fines

In addition to the prison sentences, the court also imposed fines on the convicted individuals:

• Laxman Rathod was fined ₹1.5 lakh.
• Avinash Gholap and Hanumant Salunkhe were each fined ₹95,000.

The Investigation and Legal Proceedings

The case was initiated based on a complaint by S. K. Srivastava, the then senior divisional manager of Indian Overseas Bank. A detailed investigation followed, and Special Public Prosecutor Abhayraj Arikar represented the government in court. The prosecution presented evidence from 18 witnesses, which ultimately led to the conviction of the three individuals.

Conclusion

This case highlights the serious consequences of financial fraud and misuse of banking schemes. The court’s decision to sentence the accused to rigorous imprisonment serves as a warning to others who may attempt to exploit financial institutions for personal gain. The judgment also emphasizes the importance of adhering to proper procedures in banking to prevent such incidents from occurring.