The four accused are Ashok L Bhansali, Rizvan Syed Sadik Patel, and BOI officers A G Vohra and S G Kachare. P P Suryavanshi, inspector, CBI, is investigating the case.

As per the FIR, Bhansali and Sadik Patel opened and operated eight current accounts in the branch in the names of various firms. Though no facility was sanctioned in the accounts, Vohra and Kachare allowed drawings in these accounts against uncleared instruments. The duo deposited cheques in these accounts, which were sent in the normal course for clearing. Though the bank should have allowed drawings only when the cheques were cleared, the accused officers allegedlyallowed the drawings even before clearing.

The cheques turned out to be of accommodation, and were returned unpaid by the drawee bank. While the amount cleared in such a manner was Rs one to two lakh in August `97, it rose to Rs 95 lakh in April `98. Since the drawings in the account were covered by the cheques sent in clearing on a regular basis, the accounts did not show a temporary over draft position and it did not get reflected in the TOD statement which the branch sent to the controlling office.

Further, the FIR states, to cover up the records in these transactions, Vohra, as branch manager, sanctioned 17 loans to the same parties on March 7 and March 10, 1998, to the tune of Rs 78,22,500 against National Savings Certificates purportedly presented by Bhansali and Patel. The loan amounts were then transferred to the current accounts. The bank's lien on the NSCs was not noted, and their genuineness is suspect. After transferring the funds, the drawings were allegedly again allowed against unclearedeffects.