CBI arrests proclaimed offender in historical bank fraud case involving Rs 5.69 lakh at Bank of India(BOI)

Satish Kumar Anand, who was designated a Proclaimed Offender in a bank fraud case involving ₹5.69 lakh from Bank of India, has been taken into custody by the Central Bureau of Investigation (CBI). The case began on May 5, 1978, when the CBI filed a complaint against three individuals:

1. The Branch Manager of a Bank of India branch
2. Satish Kumar Anand
3. Ashok Kumar

CBI alleged that the branch manager and Satish Kumar Anand worked together in a criminal conspiracy to cheat the bank.

• The bank manager, while working at the branch in 1977, sanctioned a loan to a private company.
• The loan was given based on fake receipts and false bills, showing goods had been sent out, when in reality, no such shipment took place.
• As a result, the bank lost ₹5.69 lakh, and this amount wrongfully benefited Satish Kumar Anand.

After investigating, CBI filed a chargesheet in the Special CBI Court in Dehradun.

• In 1985, the court convicted Satish Kumar Anand and Ashok Kumar, sentencing both to 5 years of rigorous imprisonment and a fine of ₹15,000.
• The bank manager was acquitted (found not guilty).

How Did Satish Kumar Anand Become a Proclaimed Offender?

After being convicted, Satish Kumar Anand disappeared and did not serve his jail sentence. The CBI Court in Dehradun, on 30 November 2009, officially declared him a Proclaimed Offender, which means he was legally marked as an absconder.

After years of being on the run, CBI arrested Satish Kumar Anand on 25th June 2025. He will now be presented before the Special CBI Court in Dehradun, where further legal action will be taken.

More details will be released soon.

Source -hellobanker.in

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Supreme Court opens FIR Against Bank of India(BOI) in Gold Loan Case

A businessman obtained a loan from the Bank of India's Motijhil Branch in order to obtain the money he needed. On July 22, 2020, he was granted a loan of ₹7,70,000 after pledging 254 grams of 22 carat gold pieces as security. The payback of this loan is the point of contention. 

The appellant claims that after receiving a notification from the bank on October 7, 2022, requesting payment of ₹8,01,383.59, including interest, he paid the amount on March 31, 2023. He was unaware that the bank had revalued the gold he had pledged and had taken ₹1500 out of it for expenses.

His requests to return the gold that had been committed were denied for years. However, the bank claims that he failed to repay the loan, which is why the gold became a bank asset. 

 When it was purportedly reported by a valuer other than the one who had initially assessed the appellant's gold at the time of the loan that the material pledged was not gold in reality but rather gold plated on top of other metals, the aforementioned gold was revalued in order to recover the money involved in the transaction and was discovered to be counterfeit.

Additionally, the appellant filed a formal complaint against the bank's branch and credit manager for violations of Sections 420, 406, and 34 of the Indian Penal Code. 

The Patna High Court granted the respondent's (bank manager's) request to have the FIR quashed. A Special Leave Petition (SLP) has been submitted in response to this. The FIR against the bank has now been reopened by the Supreme Court.

Court Order

A bench of Justice Sanjay Karol and Justice Manoj Misra said that the High Court had looked at the bank’s policy to prevent and detect fraud and also considered the removal of the first valuer. 

Based on this, the High Court concluded that the bank had no bad intentions. It also said that the person who filed the case (the appellant) had tried to get a loan from the bank with bad intentions.

However, the judges of the Supreme Court stated that they were unable to comprehend how the High Court arrived at this result because genuine evidence is necessary to determine someone's purpose. They further questioned how, in the absence of evidence, the High Court determined that the applicant had a hidden motivation. 

 The Court added that there's still a chance the bank misappropriated money. When the High Court dismissed the FIR (police report), it failed to adequately take this into account. Furthermore, the bank failed to have a third party confirm the second valuer's findings. 

 Therefore, it is impossible to say with certainty that nobody from the bank or the valuers did anything improper with the gold that the appellant pledged without considering all of the available evidence.

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Fraud found in PSB & Private Banks as per AIBEA data

 EFFICIENCY PARAMETER OF BANKS BASED ON NO. OF FRAUDS REPORTED

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Attack on the Bank of India(BOI) Loan Recovery Team

A Bank of India team was violently attacked in Farrukhabad during what should have been a routine debt recovery exercise, underscoring the increasing difficulties that bank officers occasionally experience in the course of their work. In a matter of minutes, the normally tranquil environment around the Sai Dham Temple at Panchal Ghat descended into chaos.

Under the direction of the branch manager, the bank's debt recovery team had gone to collect a pending loan balance of about ₹4 lakh from a local borrower. Avnish, a PRD jawan and inhabitant of Rakabganj Khurd in the Maudarwaja area, accompanied the squad. During the visit, he was responsible for maintaining order and ensuring security. But things didn't work out as expected. People who were thought to be the borrowers who had refused to pay the debts confronted the crew as they got closer to the scene. A startling change in circumstances ensued. Avnish was allegedly grabbed by the accused and beaten. The bank manager and other team members had to leave the area in their car since the situation rapidly got out of hand.

Avnish was later taken to the hospital for medical examination. The police station under whose jurisdiction the incident falls—Qadri Gate police station—has registered the case and launched an investigation. Preliminary statements from Avnish suggest that the accused deliberately attacked the team to avoid repaying the loan.

This incident raises serious concerns about the safety of bank officials and staff engaged in fieldwork, especially in loan recovery. Bank personnel are increasingly facing resistance, and sometimes violence, while performing their duties. Though they operate within legal frameworks, such situations pose not only a professional hazard but a personal one too.

The case also sheds light on the need for better support mechanisms and legal protection for recovery agents and officers. It emphasizes the importance of ensuring the safety of those working on the frontlines of the financial system.

Authorities have assured that strict action will be taken against the accused. In the meantime, this incident should serve as a wake-up call for financial institutions to review their recovery strategies and for law enforcement to provide necessary backup when required.

Loan default is a serious issue—but violence is never the answer. Respecting the rule of law and engaging in peaceful resolutions must always be the priority, both for banks and for borrowers.

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LIC increases its stake in Bank of India(BOI) to 8.38%.

As of May 9, 2025, the Life Insurance Corporation of India (LIC) now owns 8.38% of Bank of India (BoI). In a regulatory statement to the stock exchanges on Tuesday, Bank of India provided this update. Over the course of almost four years, LIC has acquired an additional 2.026% share in Bank of India. 

 The purchase activity occurred from September 2, 2021, until May 9, 2025. LIC owned 6.35% of the public sector bank prior to this rise. Its overall position has now increased to 8.38% as a result of the latest acquisitions. This action demonstrates LIC's ongoing desire to solidify its place in the Indian public sector banking market.

Impact on Bank of India Shares

Following the disclosure, shares of Bank of India saw a positive response in the market. The stock closed at ₹112.55 on the Bombay Stock Exchange (BSE), which is a 2.27% rise compared to the previous trading day

Why This Matters

LIC is India’s largest institutional investor and plays a significant role in the Indian financial market. When LIC increases its stake in a company, it is often seen as a positive sign of confidence in that company’s performance and future growth.

This increase in LIC’s stake could signal strong trust in the stability and growth of Bank of India, which is one of the major public sector banks in India.

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Axis Bank Manager Arrested in Bank of India(BoI) Loan Takeover Case for Rs 2.20 Crore Fraud

Rahul Patel, the branch manager of Axis Bank's Vesu branch, has been charged with fraud by the Athwalines police for allegedly defrauding Bank of India of Rs 2.20 crore by failing to turn over mortgage paperwork during a loan transfer. 

Police say the branch manager of Bank of India's Ghoddod Road branch made the allegation. The issue concerns Siddhi Dasani, who owned Shri Anand Impex in Kadodara and had a Rs 2.20 crore cash credit account with Axis Bank. 

Siddhi approached the Chauta Pul branch of Bank of India to assume the current loan because of the exorbitant interest rates.

A portion of the Rs 7.45 crore fresh loan that the Bank of India approved once all formalities were finished was used to pay off the outstanding balances at Axis Bank.  

Rahul Patel allegedly neglected to shut the previous loan account and provide Bank of India with the original mortgage property paperwork, which are necessary for these loan takeovers, even after receiving the money.

Unexpectedly, Siddhi and her husband, Uttam Dasani, allegedly took money out of the Axis Bank account even after the settlement was reached and then stopped making payments to the Bank of India.  The Axis Bank manager's inaction contributed to this chain of events, which caused Bank of India to suffer a financial loss and call the police.

For willful misconduct and fraud, authorities have filed a First Information Report (FIR) against Rahul Patel. They claim that Patel purposefully concealed important documents, allowing the Dasanis to abuse the system.

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Bank of India(BoI) Q4 Net profit jumps 82% YoY

 

Bank of India(BoI) on Friday, May 9, reported its March quarter earnings, in which net profit rose 82.5% year-on-year to ₹2,626 crore, compared to ₹1,439 crore in the same quarter a year ago.

The bank's Net Interest Income (NII) or core income rose 2.1% to ₹6,063 crore as against ₹5,936 crore in the year-ago quarter.

The company's asset quality also improved, with Gross Non-Performing Assets (NPA) declining to 3.27% from 3.69%, and Net NPA reducing to 0.82% from 0.85% last year.

Bank of India recommended a dividend of ₹4.05 (40.50%) per equity share of ₹10 face value for the financial year 2024-25, subject to approval of shareholders at the ensuing Annual General Meeting of the Bank.

Record date for the said dividend has been fixed as June 20, 2025. Hence, shareholders having shares as on the cut-off date i.e. June 20 will be eligible for the dividend payment.

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Rs 10 crore fraud in Bank of India(BOI), Senior Bank Officer Sent to Jail

Three people were sentenced to five years in prison by a special Central Bureau of Investigation (CBI) court for defrauding Bank of India out of Rs.10.27 crore in a significant decision. In the case, which began in April 2012, a businessman, a senior bank official, and an intermediary forged paperwork in order to obtain credit from the bank without authorization.

The court also imposed severe financial penalties in addition to the jail sentence. The middleman received a fine of Rs.30 lakh, the banker Rs.15 lakh, and the businessman Rs.8 crore.

Case Registered in 2013 by CBI

The CBI’s Economic Offences Wing registered the case on February 2, 2013. Those named in the case included:

• Nikhil Patt, a businessman
• Damodar Kamath, then senior manager (credit) at Vijaya Bank
• Sooraj Tayade, an agent
• Four other accused, including two who are still absconding, one who passed away during the trial, and one who was acquitted due to lack of evidence.

How the Bank Fraud Happened

The complaint came from the Deputy Zonal Manager of Bank of India’s Mumbai North Zone. According to the investigation, the fraud was carried out using fake Letters of Credit (LCs) – financial instruments banks use to guarantee a buyer’s payment to a seller.

Kamath, the bank manager, issued four such fake LCs worth a total of Rs.10.27 crore. Here’s how the LCs were misused:

• Two LCs worth Rs.7.25 crore were issued in the name of Madhav Trading Corporation, a company owned by Nikhil Patt.
• One LC was issued to Siddhi Graphics, owned by Sameer Shah.
• The fourth LC was in the name of Parmar Trading Corporation, owned by Chandrakant Desai.

Shah and Desai are still on the run.

Misuse of Funds

Once the fake LCs were processed, a Bank of India officer named T. Gopala verified and cleared them. The money was then credited to the accounts of the three companies involved.

However, the money was not used for any business purpose. Instead, it was transferred across different accounts and withdrawn in large amounts by the accused.

The investigation revealed that out of the Rs.10.27 crore:

• Rs.1.02 crore was transferred from Madhav Trading Corporation to Suraj Kumar Trading, a company owned by Sooraj Tayade.
• Another Rs.15 lakh was directly transferred to bank manager Kamath, suggesting his active role in the fraud.

This case is a serious example of how banking frauds can affect public financial institutions. The court’s decision sends a clear message: those who misuse their position and cheat the banking system for personal profit will face strict legal consequences.

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The CBI opened a criminal probe into the Rs 12.08 crore Bank of India fraud

 

Five officials of a private construction company are the subject of a criminal probe by the Central Bureau of probe (CBI). These officers are charged with defrauding the Bank of India, resulting in a ₹12.08 crore loss. 

 The executives allegedly broke key terms of the loan arrangement and misappropriated the bank's loan funds, according to CBI sources. After a complaint was submitted by the deputy general manager of the Bank of India's Asset Recovery Management Branch in Andheri West, the case became public knowledge. The CBI began its investigation as a result.

The Bank of India claims that the construction firm and its directors defrauded the bank by not depositing the sale proceeds from flats and shops in its Navi Mumbai real estate projects, as required by the loan agreement. 

The bank’s complaint states that instead of following the terms, the firm sold the properties without obtaining the necessary No Objection Certificates (NOCs) from the bank, which is a key condition.

The CBI has filed the case under sections of the Indian Penal Code and the Prevention of Corruption Act. These charges include criminal conspiracy, cheating, misappropriation of funds, and diversion of funds. 

According to the complaint, the bank’s loss due to this fraud was estimated to be ₹12.08 crore, as of December 2021. The CBI will investigate the bank’s credit transactions with the firm from July 2013 to December 2021, which were used to finance the company’s construction projects in and around Navi Mumbai.

The bank claims that according to the loan’s terms, the construction firm was supposed to obtain NOCs from the bank before selling any of the flats or shops in their projects. Additionally, the sale proceeds were supposed to be deposited with the bank. However, the firm failed to comply with these conditions, as stated in the bank’s complaint.

Loan Account Classified as Non-Performing Asset

The firm’s loan account was marked as a non-performing asset (NPA) on March 31, 2016, following standard banking procedures. Later, a demand notice was issued under the SARFAESI (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest) Act, 2002. The loan was also officially classified as “fraud” in September 2024 by the Competent Authority, in line with a Supreme Court ruling from 2023.

The CBI’s investigation is continuing as it looks into the full extent of the financial wrongdoing and the involved officials’ roles in the matter.

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Bank of India(BOI) Shuts 400 Day Special FD Scheme, Cuts FD Interest Rates After Repo Rate Cut

 

Bank of India (BOI) has announced a key update for its fixed deposit (FD) customers in which the bank has withdrawn its special 400-day fixed deposit scheme that offered an attractive interest rate of up to 7.30%. Alongside this, Bank of India has revised interest rates across various FD tenures. These new rates will be effective from April 15, 2025.

Bank of India new FD interest rates For fixed deposits less than Rs. 3 crore, the updated Bank of India FD interest rates are as follows:

91 days to 179 days: 4.25% 

180 days to less than 1 year: 5.75% 

1 year: 7.05% 

Above 1 year to 2 years: 6.75%

The rates remain competitive, especially for bulk deposits, though slightly lower than previous offerings. This aligns with other public sector banks following the RBI repo rate cut in early April 2025. Additional Interest for Senior and Super Senior Citizens To cater to senior citizens, Bank of India continues to offer preferential interest rates

The rates remain competitive, especially for bulk deposits, though slightly lower than previous offerings. This aligns with other public sector banks following the RBI repo rate cut in early April 2025. 

Additional Interest for Senior and Super Senior Citizens To cater to senior citizens, Bank of India continues to offer preferential interest rates

Senior Citizens (below ₹3 crore): Additional 0.50% interest on FDs of 6 months & above

Super Senior Citizens: An Additional 0.65% interest on the same tenure These benefits make BOI fixed deposits for senior citizens a relatively attractive savings option despite the overall rate reduction.

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BOI to Absorb Full Perquisites Tax After FBOIOA’s effort

 In a major relief for its employees, the Bank of India (BOI) has decided to absorb 100% of the perquisites tax liability arising from concessional and interest-free loans provided to staff members. The move comes after persistent efforts by the Federation of Bank of India Officers' Association (FBOIOA).

Bank of India absorbs full perquisites tax after Federation of Bank of India Officers’ Association’ s push. Relief granted, setting a strong precedent for employees rights advocacy.

The decision is set to benefit nearly 53,000 BOI employees, offering much-needed financial relief.

The Federation of Bank of India Officers’ Association (FBOIOA) played a decisive role in ensuring this breakthrough, spearheading relentless negotiations and sustained advocacy. Over three months of persistent representations and high-level dialogues, the association successfully convinced the management to implement this employee-friendly decision, shielding the workforce from an unexpected financial burden.

In an exclusive conversation with Nilesh Pawar, General Secretary of FBOIOA, lauded the move, stating, “The decision to completely absorb the perquisites tax liability is a significant boost to employee dignity and financial security.” 

Highlighting the urgency of the demand and its resolution, he added, “The tax deductions, which began in January 2025, drastically reduced salaries, leaving employees with nominal pay—sometimes as low as a few hundred or thousand rupees. This triggered widespread distress. To counter the impact, FBOIOA launched ‘Sahayya,’ a special interest free advance of Rs 50,000 offering immediate relief to affected officers.”

According to FBOIOA, over 1,400 officers received less than ₹20,000 as salary for February 2025, with some even facing nil salary credits after tax deductions—causing severe financial distress.

Bank of India is now the fourth Public Sector Bank to fully absorb the perquisites tax, following State Bank of India, Union Bank of India, and Bank of Baroda. In contrast, Punjab National Bank opted to bear only 50% of the liability.

Bank of India's decision follows sustained efforts by FBOIOA to address the tax burden on employees, aligning with similar measures taken by other public sector banks.

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FBOIOA launches ‘Sahayya’ scheme to provide interest-free financial assistance to officers

 

A unique relief program called "FBOIOA Sahayya" has been launched by the Federation of Bank of India Officers' Associations (FBOIOA) to provide interest-free financial aid to officers who have had their salaries drastically reduced as a result of perquisite tax deductions. The program's goal is to give officers who had significant tax deductions in February 2025 and whose net salary was less than Rs.20,000 instant financial support.

Public sector banks have recently started taxing the perks that officers are provided. Benefits offered to bank employees include low-interest loans. For instance, the average person's car loan interest rate is 9%. Bank employees receive a 5.5% loan rate.

Because bank employees pay low interest rates, they can save money on loans, which is considered advantageous. Bank workers are now required to pay taxes on this perquisite. This indicates that tax will be paid on the amount that differs because of the different interest rates. If the general public pays Rs. 1000 in interest on a car loan while bank employees pay Rs. 700, the bank employees must pay tax on the Rs. 300 difference.

Financial distress resulted from the Bank of India's officers receiving drastically reduced or no pay in February 2025. Nearly 1,400 officers reportedly have net salary credits of less than Rs. 20,000 as a result of high tax deductions applied by the bank.

In response, the FBOIOA has been negotiating with bank management to find a long-term solution. However, to offer immediate relief, the federation has launched this interest-free advance scheme for affected officers.

Who is eligible for the scheme?

To apply for financial assistance under the Sahayya scheme, an officer must meet the following criteria:

* Must be an active FBOIOA member.

* Net salary for February 2025 should be below Rs.20,000, primarily due to perquisite tax deductions.

* Application process and required documents

* Eligible officers need to submit an application form (Annexure-1) through their Unit General Secretary along with the following documents:

1. A copy of the February 2025 salary slip showing a net salary below Rs.20,000.

2. Five post-dated cheques (PDCs) of Rs.10,000 each, drawn in favor of the respective unit.

Deadline for application submission: March 7, 2025.

Disbursement and repayment of financial assistance

Under the FBOIOA Sahayya scheme, officers will receive ₹50,000 as an interest-free financial advance, which will be disbursed in two equal installments:

Rs.25,000 as the first installment upon approval of the application.

Rs.25,000 as the second installment in the following month.

The repayment will begin from May 2025, with officers required to repay the total amount in five equal monthly installments of Rs.10,000 each.

Federation’s commitment to officer welfare

The FBOIOA has assured officers that discussions with bank management are ongoing to prevent such financial distress in the future. While the Sahayya scheme serves as a short-term relief measure, the federation remains committed to finding a long-term solution for perquisite tax deductions affecting officers’ salaries.

Officers facing financial difficulties are encouraged to apply for the scheme before March 7, 2025, to avail of this support.

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Bank of India(BOI) Specialist Officer (SO) Recruitment 2025 for 180 Posts

 

Bank of India (BOI), a prominent public sector bank, has released a notification for the recruitment of Specialist Officers (SO) across various disciplines up to Scale IV. Eligible candidates can submit their online applications from March 8, 2025, to March 23, 2025.

Bank of India SO Recruitment 2025 Overview

Organization	Bank of India (BOI)
Advt. No.	Project No. 2024-25/1
Post Name	Specialist Officer (SO)
Vacancies	180
Job Location	Across India
Mode of Application	Online
Last Date to Apply	23 March 2025
Category	Online Exam and/or Interview
Official Website	www.bankofindia.co.in

Bank of India SO Recruitment 2025 Important Dates

• Online Application Start Date: 8 March 2025
• Last Date to Apply: 23 March 2025 (till 11:59 PM)
• Last Date for Fee Payment: 23 March 2025
• Exam Date: To be released

Bank of India SO Recruitment 2025 Application Fees

• General / Others: ₹850/-
• SC / ST / PWD: ₹175/-
• Mode of Payment: Online

Bank of India SO Recruitment 2025 Age Limit

• Minimum Age: 25 Years
• Maximum Age: 32-35 Years (Post Wise)
• Age Limit as on 01/01/2025
• The age relaxation will be given as per the rules.

Bank of India SO Recruitment 2025 Educational Qualifications

Post Name	Qualification
Specialist Officer	Check Notification

Bank of India SO Recruitment 2025 Vacancy Details

Post Name	Vacancies
Specialist Officer	180 (UR-77, EWS-15, OBC-49, SC-24, ST-15)

Bank of India SO Recruitment 2025 Selection Process

The selection process for Bank of India SO Recruitment 2025 will consist of:

• Written Exam
• Personal Interview
• Document Verification
• Medical Examination

Bank of India SO Recruitment 2025 Exam Pattern

Subject	Questions	Marks	Duration
English Language	25	25	30 Mins
Professional Knowledge Relevant to the Post	100	100	60 Mins
General Awareness with special reference to Banking Industry	25	25	30 Mins
Total	150	150	2 Hours

Bank of India SO Recruitment 2025 Notification PDF & Apply Online 

Click Here to Notification PDF
Click Here to Apply Online
Click Here for Eligibility Criteria

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A Loan Defaulter Mistreats BOI Staff and Attempts to Hostage Them

After being asked to pay his loan payment, a loan account holder stormed into a bank branch, misbehaved, and attempted to take the employees hostage. 

The event happened inside the Bank of India in Varanasi's Badi Bazar, and Shiv Pratap Singh Chandel, the accused, has been charged at the Chetganj police station. Branch manager Jitendra Kumar Dubey claims that Shiv Pratap Singh Chandel was contacted by bank employees to inform him of his overdue loan payment. 

Rather than reacting appropriately, he made a phone threat to murder the bank employees. Shiv Pratap Singh Chandel forcibly entered the bank's branch on February 15 at night when audit work was underway. Important bank paperwork were tampered with by him as he attempted to hold the staff and officers hostage. He also misbehaved with the bank employees and threatened them.

He misbehaved with female staff as well and issued death threats. The Chetganj police station in-charge confirmed that a case has been registered, and an investigation is underway. Further legal action will be taken based on the findings.

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