<p class="title">A bank manager who sanctioned 186 gold loans amounting to Rs 12.51 crore against collateral of spurious gold ornaments has been booked by the Central Bureau of Investigation.</p>.<p class="bodytext">The loans benefitted 57 borrowers and caused a loss to the tune of Rs 10.68 crore to the bank. The accused has been identified as T L Praveen Kumar, a senior branch manager of Bank of Baroda.</p>.<p class="bodytext">S K Subramanya, chairman of Shri Gokulam Educational Trust, and others allegedly colluded to sanction the loans, resulting in losses to the nationalised bank.</p>.<p class="bodytext">According to the FIR based on a complaint filed by Lalit Tyagi, deputy general manager of Bank of Baroda, the loans were sanctioned between December 2017 and July 2018. In sanctioning the loans, Praveen “exceeded and violated his discretionary lending power of Rs 10 lakh in as many as 44 accounts”, said the FIR.</p>.<p class="CrossHead"><strong>Signatures forged</strong></p>.<p class="bodytext">Praveen is also accused of forging the signatures of the bank’s approved appraiser and joint custodian on the loan documents. The signatures are essential for sanctioning loans.</p>.<p class="bodytext">He “abused his official position and sanctioned 186 gold loans against spurious gold ornaments with malafide intention” and caused loss to the tune of Rs 10.68 crore to the bank for personal gain, the FIR added.</p>.<p class="bodytext">The accused have been booked for criminal conspiracy, criminal breach of trust by a public servant, cheating, and forgery under various sections of the IPC and Prevention of Corruption Act.</p>.<p class="CrossHead"><strong>Disproportionate assets</strong></p>.<p class="bodytext">The CBI has also booked an Income-Tax official, identified as H R Nagesh, for amassing assets disproportionate to his known sources of income.</p>.<p class="bodytext">According to the FIR, the complaint was registered against him following his suspension on April 6 this year. He was arrested while demanding and accepting bribe a few days prior to his suspension. During raids in his residence in the city, cash to the tune of Rs 1.36 crore was seized.</p>.<p class="bodytext">The accused had assets worth Rs 1.09 crore as on January 1, 2017. It stood at Rs 3.67 crore on April 4, 2019, an increase of 95.41%. Nagesh has been booked under various sections of the Prevention of Corruption Act.</p>
<p class="title">A bank manager who sanctioned 186 gold loans amounting to Rs 12.51 crore against collateral of spurious gold ornaments has been booked by the Central Bureau of Investigation.</p>.<p class="bodytext">The loans benefitted 57 borrowers and caused a loss to the tune of Rs 10.68 crore to the bank. The accused has been identified as T L Praveen Kumar, a senior branch manager of Bank of Baroda.</p>.<p class="bodytext">S K Subramanya, chairman of Shri Gokulam Educational Trust, and others allegedly colluded to sanction the loans, resulting in losses to the nationalised bank.</p>.<p class="bodytext">According to the FIR based on a complaint filed by Lalit Tyagi, deputy general manager of Bank of Baroda, the loans were sanctioned between December 2017 and July 2018. In sanctioning the loans, Praveen “exceeded and violated his discretionary lending power of Rs 10 lakh in as many as 44 accounts”, said the FIR.</p>.<p class="CrossHead"><strong>Signatures forged</strong></p>.<p class="bodytext">Praveen is also accused of forging the signatures of the bank’s approved appraiser and joint custodian on the loan documents. The signatures are essential for sanctioning loans.</p>.<p class="bodytext">He “abused his official position and sanctioned 186 gold loans against spurious gold ornaments with malafide intention” and caused loss to the tune of Rs 10.68 crore to the bank for personal gain, the FIR added.</p>.<p class="bodytext">The accused have been booked for criminal conspiracy, criminal breach of trust by a public servant, cheating, and forgery under various sections of the IPC and Prevention of Corruption Act.</p>.<p class="CrossHead"><strong>Disproportionate assets</strong></p>.<p class="bodytext">The CBI has also booked an Income-Tax official, identified as H R Nagesh, for amassing assets disproportionate to his known sources of income.</p>.<p class="bodytext">According to the FIR, the complaint was registered against him following his suspension on April 6 this year. He was arrested while demanding and accepting bribe a few days prior to his suspension. During raids in his residence in the city, cash to the tune of Rs 1.36 crore was seized.</p>.<p class="bodytext">The accused had assets worth Rs 1.09 crore as on January 1, 2017. It stood at Rs 3.67 crore on April 4, 2019, an increase of 95.41%. Nagesh has been booked under various sections of the Prevention of Corruption Act.</p>
