Bank Fraud Ring Busted: Sentencing Marks Swift Justice in Financial Scam

A cashier of an Indian Bank branch was sentenced to life imprisonment while five others received 10 years for embezzling over Rs 1.85 crore. The scam, identified in March 2025, involved more than 100 accounts. It's considered a significant success in achieving swift justice in financial crime cases.

In a landmark ruling, a local court has sentenced a cashier of an Indian Bank branch to life imprisonment and handed down 10-year terms to five others for their involvement in a financial scam of over Rs 1.85 crore, according to police sources on Saturday.

Judge Sarvesh Pandey found cashier Jaiprakash Singh guilty, imposing a fine of Rs 5.5 lakh. Former bank manager Raghvendra Singh, alongside Praveen Kumar, Akash Mishra, Veer Bahadur, and Sukhdev Singh, received a decade-long sentence each, marking a decisive action against financial crime.

The embezzlement came to light in March 2025, following complaints from Indian Bank customers in Jasrana. The scam's revelation led to the arrest and charge of individuals under 'Operation Conviction', culminating in a swift court verdict within 172 days of the case's filing, serving as a precedent for speedy justice.

(With inputs from agencies.)