A CBI Court in Ahmedabad has convicted and sentenced former Indian Overseas Bank (IOB) Branch Manager Neeraj Kumar Jain and private person Ketankumar Mohanlal Patel to three years’ Rigorous Imprisonment (RI) in connection with a ₹2.60 crore bank fraud case.
The court also imposed a fine of ₹2.60 lakh on Neeraj Kumar Jain and ₹1.10 crore on Ketankumar Mohanlal Patel, taking the total fine to ₹1.126 crore.
The CBI had registered the case on May 8, 2014, alleging that Neeraj Kumar Jain, while serving as Branch Manager of IOB’s Himmatnagar branch in Gujarat between October 2012 and September 2013, conspired with private individuals to cheat the bank by sanctioning loans for Greenhouse Projects using forged documents.
According to the investigation, Jain abused his official position by sanctioning and disbursing 14 agricultural term loans, causing a wrongful loss of ₹2.60 crore to the bank.
The probe further revealed that Ketankumar Mohanlal Patel allegedly secured 12 loans, while Nileshkumar Dayabhai Patel obtained two loans, each worth ₹19 lakh, by using the names of relatives and acquaintances.
After completing its investigation, the CBI filed a chargesheet on December 24, 2014, against Neeraj Kumar Jain and three private persons.
Following the trial, the court acquitted Avinash Yashwantkumar Patel due to lack of evidence. Meanwhile, Nileshkumar Dayabhai Patel remains absconding, and the trial against him has been separated.
