CBI court sentences bank manager, firm owner to 2 years imprisonment in fraud case
They were also fined a total sum of Rs 1.5 lakh in the case dating back to 2003.
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The term loan availed from the Bank of India was parked in the account of the said "seller" company. (Express Archives) The Special Judge for CBI cases in Ahmedabad sentenced a bank manager and the owner of a firm to two years’ Imprisonment with a total fine of Rs 1.05 lakh, including a fine of Rs 35,000 imposed on the firm, M/s Aryan Coating, in a bank fraud case.
Those sentenced are Jeevangine Srinivasa Rao, the then branch manager of Bank of India in Ahmedabad, and Shrujal Vijendra Patel, proprietor of M/s Aryan Coating.
According to a CBI statement, the agency had registered a case on October 30, 2003 against the convicts on allegations of cheating, forgery, using forged documents as genuine ones, and criminal misconduct.
It was also alleged that Patel, dealing in the manufacturing of self-adhesive papers, availed a credit facility of Rs 25,63,500 to purchase machinery from a company that also belonged to him. As such, the sale invoice he produced was bogus, the CBI found.
The term loan availed from the Bank of India was parked in the account of the said “seller” company. Further, the collateral security offered by Patel against the said loan also turned out to be fake.
In the name of M/s Aryan Coating, Patel availed another loan of Rs 80 lakh from the Bank of India on the basis of forged documents of collateral security, a fake statement of accounts, and inflated stock statements. The company also submitted fake receipts for the purchase of machinery.
After the investigation was completed, a charge sheet was filed on December 23, 2005, against the accused. The court, after trial, found the accused guilty.
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