Two Ratnakar Bank officials arrested by CBI in an alleged Rs 30 lakh bribery case

The CBI has arrested two accused, Nimesh Manger, Regional Head, Agro Division, Ratnakar Bank Ahmedabad and Saurabh Bhasin, Recovery Head, Ratnakar Bank Pune for demanding and accepting a bribe of Rs 30 lakh.

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New Delhi: The Central Bureau of Investigation (CBI) has arrested two accused, Nimesh Manger, Regional Head, Agro Division, Ratnakar Bank Ltd Ahmedabad and Saurabh Bhasin, Recovery Head, Ratnakar Bank Ltd Pune, pertaining to a bribery case of Rs 30 lakh.

A case was registered against the accused on the allegations of demanding undue advantage of Rs one crore, which was later settled for Rs 30 lakh on negotiation, for issuing a valuation certificate.     

It was alleged that the complainant along with 12 of his family members applied for an Agri Term Loan under the Development of Commercial Horticulture through Production and Post-Harvest Management of Horticulture Scheme of National Horticulture Board. Under this scheme, a subsidy at the rate of 50% of the total project cost is given if it is limited to Rs 56 Lakh for each project.

However, due to the non-availability of subsidy, all the Agri term loans of the complainant and his family members became NPA and thus, a valuation certificate for mortgaged properties was required to avail the subsidy

After further investigations, the CBI caught Manger for demanding and accepting a bribe of Rs 30 Lakh. Later on, Bhasin, who is the recovery head at Ratnakar Bank, Pune was also caught by the agency.

Searches were conducted at five locations including at Ahmedabad, Pune, Delhi at the office and residential premises of both accused.

Both the arrested accused are being produced today before the Competent Court.