Bank of Baroda official jailed in fraud case

A CBI court on Thursday sentenced the then manager of a Bank of Baroda branch and another person to four years rigorous imprisonment in connection with a bank fraud of Rs 2.74 crore.
A CBI spokesperson said that the Special Judge, CBI cases, in Delhi sentenced V.B. Katoria, then Branch Manager, Bank of Baroda and Santosh Kumar Jasrasaria, then Director of Saras Cabs Private Limited based in Delhi to four years' rigorous imprisonment along with a fine of Rs 1.10 lakh each.

He said that a fine of Rs 5 lakh was also imposed upon Saras Cabs Private Limited.

The CBI had registered a case on April 29, 2002 on a complaint from the Bank of Baroda. In the FIR, it was alleged that the accused defrauded the Bank of Baroda in the matter of credit facility and Bank Guarantee obtained by the accused for a sum of Rs 220 lakh for the purpose of purchasing and operating 50 radio taxis in New Delhi.

It said that the accused also defrauded the bank in the matter of a credit facility and bank guarantee obtained for a sum of Rs 150 lakh for facilitating supply of various food items to the Department of Social Welfare, Delhi government, Super Bazar, Delhi and Nagaland government.

"After investigation, a chargesheet was filed against the accused for causing an alleged loss of Rs 2.74 crore to Bank of Baroda," he added.-IANS