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.
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.