CBI court convicts man for KVP fraud

 A special CBI court here has convicted a man from Bengal for fraudulent encashment of Kisan Vikas Patras (KVP).

  • Published 12.06.15

Guwahati, June 11: A special CBI court here has convicted a man from Bengal for fraudulent encashment of Kisan Vikas Patras (KVP).

Special judge, CBI, Assam, Raktim Duarah, sentenced Basab Bijay Dutta hailing from Siliguri to undergo rigorous imprisonment for seven years and pay a fine of Rs 5 lakh.

In case of default in payment of fine, he will have to undergo simple imprisonment for one more year.

The accused was convicted under Section 420 IPC for cheating.

The court said since the accused had caused huge loss to the government exchequer through fraudulent encashment of KVPs, which are valuable securities made by the government for the welfare of the state, his offence cannot be viewed lightly.

"Therefore, this court is of the considered view that the accused deserves no leniency at all and exemplary punishment may be imposed on him to deter other persons intending to commit similar offences," the order, which was passed recently, said.

The accused had produced hundreds of KVPs before various post-offices impersonating one Anup Gupta in whose name the saving schemes were issued. He encashed 50 of those KVPs, worth Rs 10 lakh, from the Guwahati University post office in October 2003, by putting in fake signatures.

A large number of KVPs of 5.5-year maturity, bearing series number 46 CC 840001 to 46 CC 1000000 were reportedly "lost/stolen" during 1997-98 from Patna. The loss was notified to all post offices across the country.

These KVPs were issued at Haspura block in Aurangabad district of Bihar. Of the same series, 50 KVPs were encashed by the accused.

The money fraudulently withdrawn by him could not be recovered.

"It shows that he acted in a planned and composed manner to make the criminal conspiracy a success. It shows his balanced and premeditated criminal mind in committing the offence," the judge said.

The CBI had registered an FIR in 2005 at its Guwahati office and begun its probe the same year.

Two other accused in the case, Md Abdul Matlib and Basanti Debnath, were acquitted by the court as the prosecution failed to prove the charges against them.