Bank fraud case & rectifed.

chiyam (Querist) 08 January 2024 This query is : Resolved
As a bank manager I involved in a bank fraud case not intentionally for using Rs 90 lacs by opening OD account in my sister name by investment in stock market without proper knowledge & thought to close in one month by selling my ancestors property. How ever i repaid the full amount to bank with interest in 10 days. But mean while they filed an FIR under 409 & 420 bank & terminated me from services. & also I received no dues letter from bank for OD account. Now after 18 months i got notice from court to attend for hearing. How serious will this be for my career if they sentenced me to jail ?? Or is there any chance by quashing the case by court as i repaid the full amount and as an punishment i lost the job also. Please suggest the next steps to resolve this matter. Your suggestions are greatly appreciated. Thank you to all members

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A former bank manager is seeking advice after being dismissed and facing court proceedings for a bank fraud case. The manager opened an OD account in their sister's name, invested Rs 90 lacs in the stock market without proper knowledge, and intended to repay within a month. Although the full amount with interest was repaid within 10 days, an FIR was filed under sections 409 and 420, leading to termination. Now, 18 months later, a court hearing is scheduled, and the individual is concerned about the impact on their career and potential jail time, asking for suggestions on how to resolve the matter.

Isaac Gabriel (Expert) 08 January 2024
you have recouped hte loss caused to the bank. However the offences are punishable.Yet, you have involuntarioly remitted the amount before initiation of proceedings agisnt you. There is possibility of sympethetiv view in the matter with lighter punishmnet.However request the Managenent to show mercy and pardoning.

chiyam (Querist) 08 January 2024
No sir, Before my last date of deposit they file fir just before 6 days of my last deposit. I already tried talking to management of my bank. Since this is a PSB they can’t withdraw the case but however they can help me indirectly by weakening the case. That’s what my management told to me.

T. Kalaiselvan, Advocate (Expert) 09 January 2024
Since you have repaid the amount misappropriated, you rather have admitted the commitment of offence/crime. Therefore you may not be able to avoid conviction

Sudhir Kumar, Advocate (Expert) 09 January 2024
Appears to be same case as in

https://www.lawyersclubindia.com/experts/bank-fraud-case-but-rectified-from-my-end-756501.asp

Agreeing with Mr Kalaiselvan,

I will add as under:-

you can try the quash case. Not understood on the basis of which facts have have been advised so.

Given facts indicate the chances as bleak. You have stated that you are terminated. It appears that :-

1. Either you are not terminated rather dismissed from service after chargesheet and inquiry.

2. Or irregularly terminated.

Anyhow raking that issue might lead the authorities to invoke more action which they could have taken and appearing from your blog they have not taken:-

1. Apparently it is govt bank then additional action under IPC the criminal case can be filed under Prevention of corruption Act.

2. Criminal case against your sister being the beneficiary of embezzlement.

3. Action Banking service Act whether RBI under section 36AA of Banking regulation Act

As far as banking career is concerned that is practically, lost even if you are acquitted (the chances appears to be bleak in given facts).

Repayment of embezzled amount does not wipe out the criminal liability particularly if one was acting as Bank officer.

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