Mumbai, April 05: The Central Bureau of Investigation (CBI) has opposed the plea-bargaining application of a former bank manager accused of siphoning off large sums of money of NRI depositors. The CBI contended that refunding part of the defrauded amount does not absolve the accused of criminal liability.
The accused, Former Overseas Bank assistant manager Vijay Mandavkar, has sought lesser punishment in return for confessing to his crime through the plea bargain. He has refunded a major portion of the defrauded amount — approximately Rs31 lakh of the Rs41 lakh that he allegedly siphoned off from the depositors.
The CBI counsel AA Ansari stated that since Mandavkar has been charged for forgery, a crime that attracts punishment of life or 10 years, the plea-bargaining application cannot be granted. Plea bargaining is applicable only in respect of lesser offences for which the maximum punishment is imprisonment of seven years, the CBI said.
Eight out of the 26 witnesses to be examined in the case have already deposed before the CBI court.
As per the CBI case, Mandavkar opened a fictitious account in the name of one Monika Wadhwani at the Santa Cruz (West) branch were he was working. Between 1998 and 2000, he prematurely closed several fixed deposit accounts of NRIs and allegedly transferred their money into his account. The CBI arrested him in 2004 after receiving a complaint. During investigation, the CBI found that the money was used by Mandavkar to pay his credit card bills, buy jewellery, property, etc.
In his plea, Mandavkar has stated that he has no criminal antecedents, has also lost his job and agrees to plead guilty to all the charges against him provide the court hands down a lower punishment to him in return.
–Agencies–