Jaipur, February 27: In a significant development, the Central Bureau of Investigation (CBI) has secured a conviction in an old bank fraud case. The Additional Chief Judicial Magistrate (ACJM) in Jaipur found Alok Agarwal guilty and sentenced him to seven years of rigorous imprisonment, along with a fine of ₹5 lakh. This case dates back to 1997, where Vijaya Bank suffered a loss of approximately ₹5 crore.
The CBI registered the case on November 21, 1997, based on a source tip-off. The accused included S.R. Lalwani, the branch manager of Vijaya Bank at the time, M.R. Shetty, and directors S.S. Sharma and S.M. Agarwal from a private limited company. The investigation revealed that the accused conspired to take loans from the bank and misrepresented transactions with fake companies, resulting in embezzlement.
The accused funneled the misappropriated funds through various channels, which were later withdrawn in cash by their employees and handed over to them. This scheme led to an illicit gain of ₹4,99,71,944 for the accused, causing an equivalent loss to the bank.
After completing the investigation, the CBI filed a chargesheet against S.M. Agarwal and Arun Agarwal on September 28, 2001. A supplementary chargesheet against Alok Agarwal was presented on October 3, 2002. During the lengthy trial, S.M. Agarwal passed away, leading to the cessation of criminal proceedings against him on December 1, 2016. The court acquitted Arun Agarwal due to lack of evidence.
Following the trial, the honorable court found Alok Agarwal guilty and imposed the sentence. This ruling exemplifies the CBI’s stringent action against bank fraud and the misuse of funds. The CBI presented robust evidence, which formed the basis for the court’s decision.
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