Jaipur, February 27: The Central Bureau of Investigation (CBI) has achieved a significant victory in an old bank fraud case, with a Jaipur court convicting Alok Agarwal. On February 26, 2026, the Additional Chief Judicial Magistrate (ACJM) sentenced Agarwal to seven years of rigorous imprisonment and imposed a fine of ₹5 lakh. This case dates back to 1997, involving a loss of approximately ₹5 crore to Vijaya Bank.
The CBI registered the case on November 21, 1997, based on a tip-off. The accused included S.R. Lalwani, the branch manager of Vijaya Bank at the time, along with M.R. Shetty, S.S. Sharma, and S.M. Agarwal, directors of a private firm. The investigation revealed that the accused conspired to obtain loans from the bank, falsely representing transactions with fake companies without any actual goods involved.
The fraudsters funneled the money through various means, which was later withdrawn in cash by their employees and handed over to the accused. This scheme resulted in an illicit gain of ₹4,99,71,944 for the accused, causing an equal loss to the bank.
After completing the investigation, the CBI filed a chargesheet against S.M. Agarwal and Arun Agarwal on September 28, 2001. A supplementary chargesheet against Alok Agarwal was presented on October 3, 2002. During the lengthy trial, S.M. Agarwal passed away, leading to the termination of criminal proceedings against him on December 1, 2016. The court acquitted Arun Agarwal due to lack of evidence.
Following the trial, the honorable court found Alok Agarwal guilty and delivered the sentence. This decision exemplifies the CBI’s stringent actions against bank fraud and the misuse of funds. The CBI presented robust evidence, which formed the basis for the court’s ruling.