CBI files Rs 19-crore fraud case over loans given by UCO Bank, names branch manager, middlemen and valuers as accused

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The CBI on Sunday registered another bank fraud case amounting to Rs 19.03 crore that was sanctioned by UCO Bank to 18 fake borrowers under various home and property loan schemes with concessional interest rates in 2013 and 2016.

The agency’s move comes in the wake of a complaint received from UCO Bank on March 27.

The Central Bureau of Investigation filed the FIR on March 29 naming five persons, including former UCO Bank Jayanagar’s Branch Manager K.R. Saroja.

The FIR said that the “The accused persons then submitted fake building plan and license and other land documents to the bank. Saroja is accused of receiving these documents as genuine and sanctioned the loans to the applicants.”Later, the borrowers withdrew the disbursed amounts and utilised it for the purpose other than for which the loans were sanctioned, at the concessional rates of interest, thereby exposing UCO Bank to and undue pecuniary loss amounting to Rs 19.03 crore.”The accused persons then submitted fake building plan and licence and other land documents to the bank. Saroja is accused of receiving these documents as genuine and sanctioned the loans to the applicants,” the FIR said.

Later, the borrowers withdrew the disbursed amounts and utilised it for the purpose other than for which the loans were sanctioned, at the concessional rates of interest, thereby exposing UCO Bank to and undue pecuniary loss amounting to Rs 19.03 crore, it said. It is alleged that Agnihotri, Jambunath and Venkatesh had inflated the valuation and failed to give their fair valuation report of the sanctioned loan to the accused bank officials.

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