The Special Judge, CBI Cases, Bhopal has sentenced KK Chourasia, then Senior Manager and Vasant Pawase, then Assistant Manager (credit) of Arera Hills Branch of the Central Bank of India, Bhopal, both to undergo three years Rigorous Imprisonment with fine of Rs 8,000 each and Uday Singh Thakur, Partner/Managing Director of M/s Pitambara Constructions and Developers, Maa Pitambara Construction and Pitambara Infrastructure Pvt Ltd, Bhopal to undergo three years Rigorous Imprisonment with fine of Rs 6,000.
CBI had registered a case under sections 120-B, 419, 420, 468 and 471 of IPC and 13(2) and 13(1)(d) of PC Act, 1988 on January 14, 2011, on a complaint from Regional Manager, Central Bank of India, Bhopal against KK Chourasia, Senior Manager, Central Bank of India; Vasant Pawase, Assistant Manager (credit) Central Bank of India, both of Arera Hills Branch, Bhopal; Uday Singh Thakur, Partner/Managing Director of M/s Pitambara Constructions and Developers, Maa Pitambara Construction, Pitambara Infrastructure Pvt Ltd, Bhopal and other unknown persons, Bhopal. It was alleged that during the period 2007 to 2009, KK Chourasia and Vasant Pawase, both while working at Central Bank of India, Arera Hills Branch, Bhopal entered into criminal conspiracy among themselves and Uday Singh Thakur, Partner/Managing Director of M/s Pitambara Constructions, Maa Pitambara, Pitambara Infrastructure, Bhopal and unknown others.
In connection with the criminal conspiracy, the accused bank officials had processed, sanctioned and disbursed housing loan to the tune of Rs 122.48 lakh in the name of 13 Individuals (borrowers) without verifying credentials of borrowers and also not verifying the construction work of the proposed house and allowed the siphoning off the funds meant only for its utilization in the construction of the proposed houses, thereby, caused huge loss to the bank.
After investigation, a charge-sheet was filed on September 04, 2012 in the Court of Special Judge for CBI Cases, Bhopal under sections 120-B and 420 of the IPC and 13 (2) r/w 13(1) (d) of PC Act, 1988 against KK Chourasia, Vasant Pawase and Uday Singh Thakur.