Bengaluru, Apr 1 (IANS): The CBI has registered a fresh bank fraud case amounting to Rs 19.03 crore that was sanctioned by UCO Bank to 18 fake borrowers under various home and property loan schemes with concessional interest rates in 2013 and 2016, it was announced on Sunday.

The agency's move comes in the wake of a complaint received from UCO Bank on March 27.

The Central Bureau of Investigation filed the FIR on March 29 naming five persons, including former UCO Bank Jayanagar's Branch Manager K.R. Saroja.

Others were middleman B.S. Srinatha and three approved valuers of the bank -- Jambunath and proprietor of two Bengaluru-based firms identified as Gopinath R. Agnihotri and N. Venkatesh.

It is alleged that Saroja, while her posting as a Chief Manager between August 26, 2013 and June 1, 2016, sanctioned and disbursed various home and property loans to 18 borrowers with aggregate loans.

Saroja is accused of colluding with middleman Srinatha, who canvassed certain loan applications under the bank's schemes and submitted fake and fabricated documents to support the proof of income of the borrowers in order to become eligible to avail the loans.

"The accused persons then submitted fake building plan and licence and other land documents to the bank. Saroja is accused of receiving these documents as genuine and sanctioned the loans to the applicants," the FIR said.

Later, the borrowers withdrew the disbursed amounts and utilised it for the purpose other than for which the loans were sanctioned, at the concessional rates of interest, thereby exposing UCO Bank to and undue pecuniary loss amounting to Rs 19.03 crore, it said.

It is alleged that Agnihotri, Jambunath and Venkatesh had inflated the valuation and failed to give their fair valuation report of the sanctioned loan to the accused bank officials.