Justice delayed but not denied: Nearly 29 years after a massive loan fraud rocked Vijaya Bank, the CBI has secured a major win in Jaipur. ACJM (SPE Cases) court on February 26, 2026, convicted Alok Agarwal, imposing a seven-year rigorous imprisonment term and Rs 5 lakh penalty. The 1997 case involved cunning manipulation that cost the public sector bank close to Rs 5 crore.
It all began with CBI registering the FIR on November 21, 1997, based on credible intelligence. The plotters—bank manager S.R. Lalwani, colleague M.R. Shetty, and company directors S.S. Sharma and S.M. Agarwal—cooked up fictitious deals with phantom firms. Loans were sanctioned against non-existent inventory, and funds were diverted through layered accounts before being withdrawn as cash.
Probe documents detailed how Rs 4,99,71,944 was illegally pocketed, directly harming the bank’s balance sheet. Charge sheets were filed progressively: initial one in 2001 against S.M. and Arun Agarwal, supplemented in 2002 to include Alok Agarwal. The protracted court battle saw S.M. Agarwal pass away, ending his case, while Arun walked free for insufficient proof.
Alok Agarwal, however, couldn’t escape the weight of evidence. The court’s decisive judgment highlights CBI’s unwavering commitment to dismantling financial syndicates. As banking frauds evolve, such outcomes deter potential wrongdoers and affirm the system’s resolve to recover every stolen rupee through accountability.