Ahmedabad: A former bank manager and two accomplices have been sentenced to five years in prison by a special CBI court for their involvement in a fraudulent loan scheme that resulted in significant financial losses.
The individuals convicted include Bhagwati Prasad, the ex-manager of UCO Bank, assistant manager Bhaskar Soni, and borrower Jayendrasinh Makwana. They were found guilty of causing losses exceeding ₹53 lakh during the 2012-2013 period through unauthorized loan approvals.
According to evidence presented during the trial, which spanned over a decade starting from a CBI complaint filed in 2013, the accused conspired to approve loans under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme. This initiative is designed to allow small businesses access to collateral-free loans. Yet, it was reported that they bypassed essential procedures required for such approvals.
This negligence led to the sanctioned loan becoming a non-performing asset, resulting in financial repercussions for the government-funded program. The court not only handed down prison sentences but also imposed hefty fines on each convict. Bhagwati Prasad has been ordered to pay ₹50 lakh, while both Bhaskar Soni and Jayendrasinh Makwana face penalties of ₹30 lakh and ₹53 lakh respectively.

