Archive · 18 Jul 2026
Ex-IOB Manager, Individual Sentenced in Loan Fraud Case
A court in Ahmedabad has sentenced a former bank manager and a private person to three years in jail.
They were found guilty of cheating the Indian Overseas Bank by giving fake documents to get loans for greenhouse projects.
The loans were for Rs 19 lakh each, and the total loss to the bank was Rs 2.60 crore.
The court also fined the former manager Rs 2.60 lakh and the private person Rs 1.10 crore.
The case started in 2014, and the court found that the bank manager had given loans to people who used fake names.
One of the accused is still missing, and another was found not guilty.
A special CBI court in Ahmedabad sentenced a former IOB branch manager and a private individual to three years in prison for a loan fraud case.
The fraud involved Rs 2.60 crore in loans for greenhouse projects, causing a significant loss to the bank.
Neeraj Kumar Jain, the former branch manager, and Ketankumar Mohanlal Patel were found guilty and fined Rs 2.60 lakh and Rs 1.10 crore respectively.
The case was registered in 2014, alleging a conspiracy to cheat the bank using forged documents.
The court acquitted one accused and separated the trial for another who is absconding.
- Who
- Neeraj Kumar Jain (former IOB manager) and Ketankumar Mohanlal Patel (private individual)
- What
- Sentenced to 3 years in prison for loan fraud involving Rs 2.60 crore
- When
- Case registered on May 8, 2014; sentenced on an unspecified date in 2023
- Where
- Ahmedabad, Gujarat, India
- Why
- For fraudulent greenhouse project loans causing a loss to Indian Overseas Bank
- Defendants
- Neeraj Kumar Jain, Ketankumar Mohanlal Patel
- Sentence
- 3 years rigorous imprisonment
- Fines Imposed
- Rs 2.60 lakh on Jain, Rs 1.10 crore on Patel
- Total Loss
- Rs 2.60 crore to Indian Overseas Bank
- Case Registration Date
- May 8, 2014
- Charge Sheet Date
- December 24, 2014
- Loan Amount per Application
- Rs 19 lakh
- Number of Loans Sanctioned
- 14