CBI Arrests Two Former Branch Managers of Union Bank of India and Eight others for causing a loss of Rs. Six Crore to the Bank
Press Release
New Delhi , 18-03-2011
The Central Bureau of Investigation has registered two cases against two former Branch Managers, Union Bank of India, Thiruvannamalai Branch; Dealers; Agents and others in connection with alleged grave irregularities committed in the sanction of Tractor, Power Tiller and Crop Loans at Thiruvannamalai District.
It was alleged that around 200 loans for acquiring Tractor, Power Tiller and raising Crops were extended to the farmers of Thiruvannamalai District by Union Bank of India, Thiruvannamalai Branch against Mortgage of documents of Properties as security. During 2008-2009, two Managers of Union Bank of India, in collusion with Dealers and Agents of Tractor & Power Tiller etc., extended said loans based on false and forged documents and misappropriated the loan proceeds, resulting in loss of about Rs.6 crore to the Union Bank of India. Several farmers were unaware of the amount of loans raised in their names.
The CBI has arrested two of the then Branch Managers of Union Bank of India, Thiruvannamalai Branch (Tamil Nadu) and eight private persons including Dealers & Agents in this connection.
The arrested accused persons were produced before the Principal Special Judge for CBI cases, Chennai and were remanded to Judicial Custody till 18.03.2011.
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