DEHRADUN: The CBI court on Saturday sentenced Mohammad Furkan, a dealer of agricultural equipment to three years and three months of imprisonment and imposed Rs 60,000 fine after he was found guilty in a bank fraud case.
An amount of Rs 10 crore of Uttarakhand Gramin Bank (UGB) was embezzled through Kisan Credit Card (KCC) and agriculture term loan. The accused distributed money to farmers showing fake bills of equipment never supplied.
In 2014-15, the beneficiary farmers borrowed money using KCC and used the amount as margin to obtain agriculture term loans. The bank transferred the money to the dealer to buy machines that were never purchased. The dealers and branch manager, after retaining their share, passed the remaining amount to farmers involved.
An amount of Rs 10 crore of Uttarakhand Gramin Bank (UGB) was embezzled through Kisan Credit Card (KCC) and agriculture term loan. The accused distributed money to farmers showing fake bills of equipment never supplied.
In 2014-15, the beneficiary farmers borrowed money using KCC and used the amount as margin to obtain agriculture term loans. The bank transferred the money to the dealer to buy machines that were never purchased. The dealers and branch manager, after retaining their share, passed the remaining amount to farmers involved.