Ex-Bank Manager, Businessman Jailed for 2003 Bank Fraud

A special CBI court in Ahmedabad sentenced Jeevangine Srinivasa Rao, a former bank manager, and Shrujal Vijendra Patel, a businessman, to two years in jail for a 2003 bank fraud case. The court also imposed fines totaling Rs 1.05 lakh. The case involved cheating, forgery, and using fake documents to secure loans.

A special CBI court in Ahmedabad has sentenced two individuals to two years in jail in a bank fraud case dating back to 2003. The court found Jeevangine Srinivasa Rao, a former manager at Bank of India's SM Road Branch, and Shrujal Vijendra Patel, the proprietor of Aryan Coating, guilty of multiple offences including cheating and forgery.

The court also imposed a collective fine of Rs 1.05 lakh on the duo, according to the Central Bureau of Investigation (CBI). The case was registered on October 30, 2003, for the fraudulent acquisition of loans using forged documents and fake collateral.

Patel had availed a credit facility of Rs 25,63,500 by producing bogus invoices. Another loan of Rs 80 lakh was secured using forged documents. Rao was the branch manager when these loans were approved. The CBI filed a chargesheet against them on December 23, 2005, leading to their conviction.

(With inputs from agencies.)