CBI Clamps Down on Bank Fraud: Sentences Announced in Allahabad Bank Scam

Patna's Central Bureau of Investigation (CBI) office marked a significant victory against financial fraud by delivering verdicts in a long-standing case involving forged National Savings Certificates (NSCs). Chief among those convicted was Rana Ashok Kumar Singh, known as Dina Singh, who received a three-year rigorous imprisonment sentence along with a hefty fine of Rs 7 lakh. Co-conspirator Anil Kr. Srivastava faced a 1.5-year prison term and a Rs 17,500 fine.

The case, which dates back to February 7, 1996, was initiated after a complaint from the Allahabad Bank's manager. It accused Singh of pledging counterfeit NSCs to secure a Rs 2,60,000 loan, a fraud executed with assistance from alleged accomplice Shashi Bhushan Pandey, who was then the Branch Manager of Allahabad Bank in Patna. During the investigation, authorities uncovered a printing machine at Singh's residence used to fabricate NSCs, exposing the depth of the deceptive scheme.

On April 30, 1998, the CBI framed charges against Singh, Srivastava, and several others, including bank staff. As the trial progressed, Singh and Srivastava were convicted, while two accused—Ganga Sagar and Bindeshwari Singh—were acquitted due to insufficient evidence of their involvement. Shashi Bhushan Pandey could not be tried, as he had passed away during the proceedings, concluding his role in the infamy.

(With inputs from agencies.)