Former Bank of Baroda Chief Manager Sentenced to Rigorous Imprisonment in CBI Cases
New Delhi/Mumbai, 26th February 2024: In a significant development, the Special Judge for CBI cases in Mumbai has pronounced a verdict against Ramchandra Shridhar Joshi, former Chief Manager of Bank of Baroda’s Walkeshwar Road Branch, Mumbai. The judgment encompasses two distinct cases, resulting in a combined Rigorous Imprisonment (RI) of two years and one year, along with a hefty fine totaling Rs. 4,37,500/- for causing wrongful losses to the bank.
Case 1:
In the first case, Shri Ramchandra Shridhar Joshi was sentenced to two years of RI and fined Rs. 3,00,000/-. The Central Bureau of Investigation (CBI) had initiated the case on May 12, 1994, accusing Joshi of conspiring with a private individual to defraud Bank of Baroda. The allegations centered around misappropriating approximately Rs. 10.50 crore and diverting the funds to the accounts of the said private person through fraudulent means, causing significant financial harm to the bank.
After a thorough investigation, a chargesheet was filed on December 27, 1996. The court, following a trial, found Joshi guilty, leading to his sentencing. The case against another chargesheeted accused (private person) was abated due to their demise during the trial.
Case 2:
In the second case, Ramchandra Shridhar Joshi faced one year of RI and a fine of Rs. 1,37,500/-. The CBI registered this case against Joshi and others, alleging a conspiracy with private individuals to cheat Bank of Baroda’s Walkeshwar Road Branch. The accused were charged with misappropriating approximately Rs. 5 crore by diverting the funds to the account of a private person through fraudulent means, causing additional financial harm to the bank.
Following an investigation, a chargesheet was filed on December 24, 1996. The court found Joshi guilty after the trial. Two chargesheeted accused passed away during the trial, and another accused was discharged.
