Jail For Commiting Bank Fraud

Fraud at Union Bank: 3 sentenced to 3 yrs R-I--Indian Express 21st July 2014

City businessmen LR Bhojwani and Sanjay Bhojwani of Bhojwani Hotels Private Limited have been sentenced to three years rigorous imprisonment by a special judge in Bangalore in a 13-year-old case of financial embezzlement.

Former chief manager of a Bangalore branch of Union Bank of India has also been sentenced to three years of RI in the same case.

Bhojwani group owned two landmark city hotels – Holiday Inn and Hotel Amir – which were later auctioned by Debt Recovery Tribunal (DRT) in 2003 after the group failed to repay a loan and interest amounting to Rs 42 crore to Indusbank.

Earlier this week, special CBI judge convicted L R Bhojwani, chairman of the Bhojwani Hotels Pvt Limited and Bhojwani Brothers Consultancy and Services and Sanjay Bhojwani, director of both companies under sections of conspiracy (IPC 120-B) read with section 409, IPC section 420, 467, 468 and 471 IPC.

K Ramamurthy, former chief manager, Union Bank of India, Gandhinagar branch was also charged and convicted in same charges. The court has asked the Bhojwani as well as the two companies involved to pay a fine of Rs 1.5 lakh each while Ramamurthy has been asked to pay a fine of Rs 1.25 lakh.

According to CBI, L R Bhojwani and Sanjay Bhojwani had hatched a conspiracy to cheat the Union Bank of India with Ramamurthy’s help sometime between 1996 and 2000 in Pune and Bangalore.

They had submitted forged deeds and letters of power of attorney to the bank and availed a loan from the bank.

This fraud has resulted in a loss of Rs 9.57 crore to the Bank. Central office of the Union Bank of India had registered a complaint against the trio with CBI on December 31, 2001.

Link Indian Express

Bank Clerk, Bro held for Rs 11L Fraud

SALEM: A 31-year-old woman, a bank clerk, and her brother allegedly swindled money from her neighbour’s bank account here and were arrested on Saturday night in this connection.

According to Alagapuram police, Mohan (79), a resident of Mitta Pudur and a retired Electricity Board official, was the neighbour of Manju alias Mahalakshmi (31), a temporary clerk in a nationalised bank.

Mohan had an account in the bank and often used to seek Manju’s help for transactions. Recently,  Mohan gave a cheque book with his signature to Manju for withdrawing `11 lakh he had deposited in the account. On learning this, Manju allegedly withdrew the money from the account using the cheque. And she informed Mohan that his amount had been transferred to a new scheme. Mohan believed this.

A few months back, Manju was dismissed from service following some complaint.

When Mohan asked her to withdraw the sum from the bank, she refused. Mohan got suspicious and  went to the bank only to find his account empty. Shocked, he asked Manju again and she sought time to return the money.

On Saturday evening, Mohan lodged a complaint with Alagapuram police and a case was registered.

Later, Manju and her brother Rajarathinam (33), who reportedly helped her, were arrested and remanded in prison.