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Bhopal: The Central Bureau of Investigation (CBI) has arrested a former Managing Director of a Bhopal based firm for causing a loss of over Rs. 3.63 crore to State Bank of Indore.

The CBi had registered a case on March 11, 2005 against a Senior Maneger of State Bank of Indore, MP Nagar Branch, Bhopal and others on the allegations that he had entered into a criminal conspiracy with the Managing Director of a private firm based at Govindpura here and fraudulently obtained credit facilities to the tune of Rs. 3,63,42,000 on the basis of fake collateral securities during the year 2003-2004 from the MP Nagar Branch of State Bank of Indore here. During investigation of case, the accused Managing Director was arrested and was in Judicial Custody for 90 days till August 17, 2005.

On conclusion of investigation, the Charge sheet was filed by the CBI in the Court of Special Judicial Magistrate at Indore on August 4, 2007 against five persons, including the accused Managing Director of the firm under Section 120-B read with Sections 419, 420, 467, 468 and 471 of Indian Penal Code.

On February 3, 2013, the accused Managing Director did not appear in the Trial Court and a non-bailable warrant was issued against him since he went absconding. He was finally arrested by by the CBI and produced before the Special Judicial Magistrate in Indore and remanded to Judicial Custody till March 28, 2015.