CBI raids UCO Bank officials in Indore, Hyderabad

INDORE: In raids on UCO bank premises and residences of bank officials, the CBI sleuths seized documents related to sanctioning of loans allegedly using forged documents on Saturday here. Simultaneous raids were conducted at the UCO bank’s Hyderabad office and a residence of a senior official.
The bank had lodged a complaint with the CBI on March 31 last.The bank in its complaint alleged that some of its officials, in connivance with civilians and empanelled advocates of bank, processed and disbursed four shelter loans and eight mortgage loans amounting to Rs 3.91 crore producing forged title deeds of the properties offered as securities.
In the complaint, it was said that the borrowers fraudulently and dishonestly obtained multiple finances mortgaging same properties with different banks. The borrowers offered the forged documents of same properties to the UCO bank thereby cheating the bank. The complaint alleged that the UCO bank officials intentionally did not obtain prior approval to sanction these loans from higher authorities in order to conceal their misdeeds.