Baripada: The Vigilance Court here on Wednesday sentenced one-year jail term to Former Jharkhand Mukti Morcha (JMM) MLA Bimal Lochan Das for allegedly having connection with the Baripada Urban Cooperative Bank loan scam. The court also asked him to pay a penalty.
It has been alleged that Das had illegally sanctioned loans worth lakhs of rupees to different persons during his tenure as the bank President from 2003 to 2004. After detecting the irregularities during investigation, the Vigilance police had registered a criminal case and filed a chargesheet against him.
During the investigation, it has been found that Das had sanctioned the loans violating the Reserve bank of India (RBI) guidelines and business rules of the bank. Besides Das, seven others including some bank officials have been penalized in connection with the case.