Face2News/Lucknow

The CBI Court (West), Lucknow on Tuesday convicted three namely, Subhash Chandra Aggarwal, Retd. Deputy Manager, SBI, Lucknow, Joy Chakravarti, Desk Officer, CPC, SBI, LHO, Lucknow and a private company M/s Addyapolo Projects Pvt. Ltd. in a bank fraud case.

Accused Subhash Chandra Aggarwal, Retd. Deputy Manager, SBI, Lucknow and Joy Chakravarti, Desk Officer, CPC, SBI, LHO, Lucknow were sentenced to Three Years Imprisonment with a fine of Rs. 30000/- each. Fine of Rs.10 lakh was imposed on the accused private company M/s Addyapolo Projects Pvt. Ltd.. The fourth accused Kranti Kumar Singh, Director of the accused Private Company expired during trial of the case.

The Central Bureau of Investigation (CBI) registered the instant case on 26.03.2010 on the basis of complaint of DGM, SBI Main Branch, Lucknow alleging that Shri Kranti Kumar Singh, Director, M/s Addyapolo Projects Pvt. Ltd., Lucknow in conspiracy with the other accused persons, availed Term Loan (TL) of Rs. 5.70 crores on the basis of false and fictitious documents and induced SBI, Main Branch, Lucknow to release the said amount in favour of 3 fictitious units namely M/s Zassoda Global Marketing, M/s R.K. Traders and M/s Sambhav Enterprises. He operated the accounts of the above mentioned supplier units, diverted the amount of the TL and did not utilize it for the purpose for which it was sanctioned and thereby caused consequent loss to the bank.

After investigation, chargesheet was filed by CBI on 29.11.2011 against 1. Kranti Kumar Singh, Director of M/s Addyapolo Project Pvt. Ltd., 2. M/s Addyapolo Project Pvt. Ltd., 3. Subhash Chandra Aggarwal, Retd. Deputy Manager, SBI, Lucknow, 4. Joy Chakravarti, Desk Officer, CPC, SBI, LHO, Lucknow.

The Hon’ble Court, after the trial, convicted and sentenced the accused accordingly.