ALLAHABAD: The Allahabad high court on Monday directed to release on bail, Manmohan Rai Chhabra, one of the officers of
Union Bank of India
, who in 2011 allegedly allowed payments against forged ‘Letter of Credit ’ issued by Punjab National Bank.
Since credit facility was allowed against many such forged Letter of Credits (LCs) by several officers, the UBI was exposed to a loss of nearly Rs 265 crore. The matter was investigated by the CBI and a chargesheet has already been filed against the applicant. Allowing a bail application filed by Manmohan Rai Chhabra, Justice Manoj Misra observed, “Considering the facts and circumstances of the case as also the period of detention already undergone by the applicant and the fact that other co-accused, who were also officers of the bank, have been admitted to bail by this court, without commenting upon merits of the case, this court considers it appropriate to grant bail to the applicant in the aforesaid case.”
The applicant, Manmohan Rai Chhabra, was posted as branch manager, UBI, main branch in
Ghaziabad at the time of the alleged fraud and is in jail since October 20, 2015. In 2012, an FIR was registered against several officers of UBI that they entered into a conspiracy with Ramesh Chandra Goel, one of the co-accused and proprietor of M/s Sushila Steel of Ghaziabad.
Goel made some changes in Letter of Credits (LCs) issued by Punjab National Bank, which were later presented before officials of UBI, who made payments against forged LCs.
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