Four Convicted in Major Bank Fraud Cases in Ahmedabad

In a significant ruling, a special court in Ahmedabad has convicted four individuals, including two former officials of UCO Bank, for their involvement in fraudulent loan disbursements. The court sentenced them to five years of rigorous imprisonment and imposed hefty fines in two separate cases. The fraudulent activities, which involved the approval of loans based on forged documents, resulted in substantial financial losses for the bank, with many accounts turning into Non-Performing Assets. This ruling underscores the ongoing efforts to combat financial crimes in the banking sector.

By Narendra Chaudhary Mar 24, 2026, 15:25 IST

Conviction of Bank Officials and Associates

Ahmedabad, March 24: A special court in Ahmedabad has found four individuals guilty, including two former UCO Bank officials, sentencing them to five years of rigorous imprisonment along with financial penalties in two distinct bank fraud cases, as reported by officials on Tuesday.

On March 23, the court imposed the sentence on Medam Bhagavathi Prasad, who was the Senior Manager, Bhaskar Rameshchandra Soni, the Assistant Manager, and other private individuals involved in the fraudulent activities.

In the first case, the court sentenced Prasad, Soni, and Jayendrasinh Dahyaji Makwana, the owner of M/s Heaven Five Enterprise, to five years of rigorous imprisonment and levied a total fine of Rs 1.33 crore.

The CBI initiated this case on April 27, 2016, against the accused and others.

It was alleged that while serving as the Branch Manager of UCO Bank’s Chiloda branch in Gandhinagar, Prasad fraudulently approved and disbursed cash credit limits and term loans totaling Rs 6.43 crore based on forged documentation provided by various borrowers.

Investigations indicated that by December 2015, the total outstanding amount across 17 loan accounts reached Rs 3.63 crore. Most of these accounts had become Non-Performing Assets (NPAs), while others were on the brink of becoming NPAs, resulting in significant financial losses for the bank. The CBI submitted a chargesheet in this case on November 17, 2017.

In the second case, the court convicted and sentenced four individuals — Prasad, Soni, and Vanrajji Prabhtaji Solanki, the owner of M/s Shree Vanraj Enterprise — to five years of rigorous imprisonment along with a total fine of Rs 72 lakh.

The CBI registered this second case on April 27, 2016, based on similar allegations of fraudulent loan approvals and disbursements using forged documents, which led to considerable financial losses and multiple accounts becoming NPAs.

Upon concluding the trial, the court found the accused guilty and imposed sentences in both cases, as stated by the agency.