The Central Bureau of Investigation (CBI) arrested three accused on Thursday from Pune and Mumbai in the 13-year-old Lucknow’s Central Bank and Union Bank of India fraud cases. The arrested persons were produced before the Court of Special Judge, CBI, Cases, in Lucknow, where they were remanded to judicial custody.

They were identified as Gaurav Sagar Gupta, who was arrested from Pune, Vaibhav Gupta and Usha Gupta, who were nabbed from Mumbai. On December 13, 2007, the CBI had registered a case against the three and 12 others, including officials of the Union Bank of India, Sachivalaya Branch, and Central Bank of India, Nakkhas Branch in Lucknow.

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Sanctioned loan using forged documents

It was alleged that the accused had entered into a conspiracy in sanctioning and disbursing housing loans and CCH limits using forged and bogus documents. An alleged loss of over Rs 2 crore was incurred by the Union Bank of India, while the Central Bank of India suffered a loss of almost Rs 50 lakh.

It was further alleged that eight housing loans and six CCH limit/term were sanctioned from the Union Bank of India and three housing loans from the Central Bank of India were granted officially for the purchase of semi-built flats, but the accused diverted the loan amount. Purportedly, they granted the loans on the strength of fake lTRs, bills of non-existing firms, and falsely displayed the…

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