For the first time in the State, a former MLA and president of a cooperative bank has been awarded rigorous imprisonment (RI) for sanctioning loans violating the prevailing guidelines.
Chief Judicial Magistrate (CJM), Baripada, Nilakantha Tripathy, on Tuesday sentenced former Baripada MLA Bimal Lochan Das (75) to two years of RI for allegedly granting loans from the Baripada Urban Cooperative Bank illegally, eight years back. The court has also fined Das ` 25,000 and in case of default he would have to undergo an additional six months of RI.
According to the prosecution, Das, the nominated president of Baripada Urban Cooperative Bank during 2003-04, had allegedly sanctioned loans to the tune of
` 7 crore violating all guidelines.
Balasore: For the first time in the State, a former MLA and president of a cooperative bank has been awarded rigorous imprisonment (RI) for sanctioning loans violating the prevailing guidelines.
Chief Judicial Magistrate (CJM), Baripada, Nilakantha Tripathy, on Tuesday sentenced former Baripada MLA Bimal Lochan Das (75) to two years of RI for allegedly granting loans from the Baripada Urban Cooperative Bank illegally, eight years back. The court has also fined Das ` 25,000 and in case of default he would have to undergo an additional six months of RI.
According to the prosecution, Das, the nominated president of Baripada Urban Cooperative Bank during 2003-04, had allegedly sanctioned loans to the tune of
` 7 crore violating all guidelines.