CBI Court Sentences UCO Bank Officials and Private Individuals to 5 Years RI in Major Bank Fraud Case

​Ahmedabad | March 24, 2026 The Special CBI Court in Ahmedabad has delivered a landmark judgment, sentencing four individuals, including two former high-ranking UCO Bank officials, to five years of Rigorous Imprisonment (RI).

The verdict, pronounced on March 23, 2026, concludes a decade-long legal battle involving two separate bank fraud cases centered at the UCO Bank Chiloda Branch in Gandhinagar. The convicted officials include the then Senior Manager, Medam Bhagavathi Prasad, and the then Assistant Manager, Bhaskar Rameshchandra Soni, who were found guilty of abusing their positions to facilitate fraudulent financial gains.

​In the first case, the court convicted the bank officials alongside Jayendrasinh Dahyaji Makwana, the proprietor of M/s. Heaven Five Enterprise. The investigation revealed that the accused officials fraudulently sanctioned and disbursed Cash Credit Limits and Term Loans totaling Rs. 643 lakh based on forged documents.

By December 2015, the outstanding amount in these 17 accounts stood at Rs. 363 lakh, with most accounts turning into Non-Performing Assets (NPAs), causing massive losses to the bank. For these actions, the court imposed a total fine of Rs. 1.33 Crore on the convicts.​The second case followed a similar pattern of corruption and financial mismanagement.

Medam Bhagavathi Prasad and Bhaskar Rameshchandra Soni were convicted again, this time alongside Vanrajji Prabhtaji Solanki, the proprietor of M/s. Shree Vanraj Enterprise.

This segment of the fraud also involved the disbursement of approximately Rs. 643 lakh in credit limits through fraudulent means. Following a rigorous trial based on the chargesheet filed by the CBI in November 2017, the court ordered the accused to undergo five years of RI and pay an additional total fine of Rs. 72 lakh.