ALLAHABAD: The Allahabad prime court docket on Monday directed to unencumber on bail, Manmohan Rai Chhabra, one of the officers of Union Bank of India, who in 2011 allegedly allowed payments against forged ‘Letter of Credit ’ issued by way of Punjab National Bank.
Since credit score facility was allowed against many such forged Letter of Credits (LCs) by way of a number of officers, the UBI was exposed to a loss of just about Rs 265 crore. The matter was investigated by way of the CBI and a chargesheet has already been filed against the applicant. Allowing a bail utility filed by way of Manmohan Rai Chhabra, Justice Manoj Misra observed, “Considering the info and instances of the case as also the duration of detention already passed through by way of the applicant and the fact that different co-accused, who were also officers of the bank, have been admitted to bail by way of this court docket, without commenting upon deserves of the case, this court docket considers it appropriate to grant bail to the applicant within the aforesaid case.”
The applicant, Manmohan Rai Chhabra, was posted as branch supervisor, UBI, primary branch in Ghaziabad at the time of the alleged fraud and is in jail since October 20, 2015. In 2012, an FIR was registered against a number of officers of UBI that they entered into a conspiracy with Ramesh Chandra Goel, one of the co-accused and proprietor of M/s Sushila Steel of Ghaziabad.
Goel made some adjustments in Letter of Credits (LCs) issued by way of Punjab National Bank, which have been later offered sooner than officers of UBI, who made payments against forged LCs.
Since credit score facility was allowed against many such forged Letter of Credits (LCs) by way of a number of officers, the UBI was exposed to a loss of just about Rs 265 crore. The matter was investigated by way of the CBI and a chargesheet has already been filed against the applicant. Allowing a bail utility filed by way of Manmohan Rai Chhabra, Justice Manoj Misra observed, “Considering the info and instances of the case as also the duration of detention already passed through by way of the applicant and the fact that different co-accused, who were also officers of the bank, have been admitted to bail by way of this court docket, without commenting upon deserves of the case, this court docket considers it appropriate to grant bail to the applicant within the aforesaid case.”
The applicant, Manmohan Rai Chhabra, was posted as branch supervisor, UBI, primary branch in Ghaziabad at the time of the alleged fraud and is in jail since October 20, 2015. In 2012, an FIR was registered against a number of officers of UBI that they entered into a conspiracy with Ramesh Chandra Goel, one of the co-accused and proprietor of M/s Sushila Steel of Ghaziabad.
Goel made some adjustments in Letter of Credits (LCs) issued by way of Punjab National Bank, which have been later offered sooner than officers of UBI, who made payments against forged LCs.
HC grants bail to ex-manager in bank fraud case
![HC grants bail to ex-manager in bank fraud case]()
Reviewed by Kailash
on
February 20, 2018
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