Mumbai, 23rd February 2022: The Special Judge, CBI Cases, Mumbai has today sentenced Abid Ali Gulam Vohra, then Manager, Bank of India, Jacob Circle Branch, Mumbai to undergo 04 years Rigorous Imprisonment with fine of Rs. 3.5 lakh; Ashok Leharchand Bhansali (private person) to undergo 05 years RI with fine of Rs. 3.35 crore; Sadiq Sayyad Mir Patel (private person) to undergo 3 years RI with fine of Rs 32.5 lakh and Rizwan Sayyad Sadiq Patel (private person) to undergo 03 years RI with fine of Rs.1.5 lakh in a Bank fraud case.
CBI had registered a case on 30.05.1998 against four accused including Manager, Bank of India, Jacob Circle Branch, Mumbai; private persons & others on complaint from Bank of India on the allegations of causing loss to the tune of Rs. 98.28 lakh (approx.) to Bank. It was alleged that, the accused opened several accounts in the bank. Cheques were deposited in these accounts and the same were sent in clearing. In the normal course, the customer was permitted to draw the amount only after cheques so presented were cleared. But in the instant case, the branch was permitted drawing against uncleared effects immediately and thereafter the instruments were sent in clearing. Cheques so deposited in these accounts were purely of accommodative nature as invariably all these cheques were returned unpaid by the drawee bank. The branch was expected to debit the account when the cheques were so returned. To make provisions for posting of returned cheques, said customers deposited further cheques which again were sent in clearing. Every day the customers were depositing cheques in the various accounts to protect the returned cheques. As such the accounts did not show TOD position and hence it did not get reflected in the TOD statements submitted by the branch to the controlling office. These fraudulent transactions resulted in loss of Rs. 98.28 lakh (approx.) to Bank of India.
After investigation, a chargesheet was filed in the Court of Special Judge for CBI cases, Mumbai against the accused.
The Trial Court found the said accused guilty and convicted them. One accused was acquitted by the Court. Three accused expired during trial, hence case against them has been abated.