CBI court convicts four, acquits former bank officials in ₹96-lakh loan fraud in Kerala
A Special CBI Court in Kochi convicted four individuals for a ₹96-lakh loan fraud involving forged documents and the illegal mortgaging of government forest land. Two former bank officials were acquitted due to insufficient evidence of criminal conspiracy.
Why it matters
The verdict underscores the legal consequences of financial fraud and the challenges of proving conspiracy in complex banking cases.
A Special CBI Court in Kochi has convicted four persons and acquitted three others, including two former officials of the erstwhile State Bank of Travancore (SBT), in a nearly two-decade-old loan fraud case involving the fraudulent availing of a ₹96.80-lakh loan by mortgaging protected government forest land using forged documents and impersonation.
Special Court Judge Sabarinathan P. passed the verdict. The prosecution was represented by M. Navas, Senior Public Prosecutor.
K.A. Sebastian, 68, of Pattambi in Palakkad, P.T. Augustine, 63, and Joby Chacko, 56, of Koodanrahi in Kozhikode, and K. Jayaprakash, 51, of Iringole in Perumbavoor, were convicted of fraudulently securing credit worth ₹96 lakh. They were found guilty under various provisions of the Indian Penal Code, including forgery, criminal conspiracy, and impersonation. All four were sentenced to two years’ imprisonment.
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