CBI chargesheets IOB branch manager for cheating bank

The CBI has filed a charge sheet against a Gujarat-based branch manager of Indian Overseas Bank (IOB) and three others for allegedly cheating the bank to the tune of Rs 2.5 crore.
In its charge sheet filed before a Special CBI court in Ahmedabad, the agency has charged the branch manager and his accomplices with criminal conspiracy, cheating, forgery and under provisions of the Prevention of Corruption Act.
The agency has accused them of conspiring to cheat Indian Overseas Bank, Himmatnagar Branch, Sabarkantha (Gujarat), and causing an alleged loss to the tune of Rs 2.53 crore, a CBI spokesperson said here today.

Speaking on the allegations, the CBI spokesperson said, "The branch manager, in conspiracy with the private persons, sanctioned agricultural term loans for making Green House projects without obtaining any document."
"However, no such Green House projects were undertaken at all and the loans were disbursed without following the laid down banking norms. An alleged loss of Rs 2.53 crore (approx) was caused to the bank," the spokesperson added.