Two including former branch manager of IOB found guilty in bank fraud case, sentenced to 3 years each

The special CBI court in Ahmedabad has convicted a former branch manager of Indian Overseas Bank (IOB) and a private person and sentenced him to three years rigorous imprisonment each in a bank fraud case. The court has also imposed a total fine of more than Rs 1.12 crore on both of them. Among the accused convicted was Neeraj Kumar Jain, who was then the branch manager of Indian Overseas Bank in Himmatnagar, Gujarat. Ketankumar Mohanlal Patel is included. A fine of Rs 2.60 lakh has been imposed on Neeraj Jain and Rs 1.10 crore on Ketan Patel.

CBI had registered this case on 8 May 2014. Investigation revealed that between October 2012 and September 2013, Neeraj Kumar Jain along with other accused sanctioned agricultural loans in the name of greenhouse project on the basis of fake documents. Through this conspiracy, Indian Overseas Bank suffered a loss of about Rs 2.60 crore.

CBI Court Sentences Ex Branch Manager of IOB and a Private Person to Three Years RI with a Fine of over Rs. 1.12 Crore in a Bank Fraud Case pic.twitter.com/H9uhVoE83D

— Central Bureau of Investigation (India) (@CBIHeadquarters) July 18, 2026

14 agricultural term loans approved

According to investigation, Neeraj Jain misused his position and sanctioned 14 agricultural term loans. At the same time, Nilesh Dayabhai Patel and Ketankumar Patel made several loan applications in the name of their relatives and acquaintances and got loans of Rs 19 lakh each approved. CBI had filed a charge sheet against four accused on 24 December 2014.

After completion of the hearing, the court convicted Neeraj Kumar Jain and Ketankumar Patel and sentenced them. It is alleged that Nileshkumar Dayabhai Patel and Ketankumar Mohanlal Patel took 12 loans in the name of relatives and acquaintances. Each loan was sanctioned for Rs 19 lakh.

However, due to lack of evidence, Avinash Yashwantkumar Patel was acquitted of all charges. At the same time, co-accused Nilesh Dayabhai Patel is currently absconding, hence the hearing of the case against him will continue separately.