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Three retired PNB officials, five others convicted for bank fraud
According to a CBI statement, the public servants named as accused in the case didn’t follow the guidelines of the bank, accepted fake documents as genuine, and dispersed loan facilities to a firm, causing a corresponding loss of over Rs 156.98 lakh to the bank.
Among those convicted are PNB’s retired assistant general manager Gurinder Singh, retired chief manager KGCS Iyer, and retired senior manager KE Surendiranath. (File Photo)
The CBI Court here on Friday convicted and sentenced three retired officials of Punjab National Bank (PNB) and five proprietors of separate firms based in Surat in a bank fraud case.
According to a CBI statement, the public servants named as accused in the case didn’t follow the guidelines of the bank, accepted fake documents as genuine, and dispersed loan facilities to a firm, causing a corresponding loss of over Rs 156.98 lakh to the bank.
Among those convicted are PNB’s retired assistant general manager Gurinder Singh, retired chief manager KGCS Iyer, and retired senior manager KE Surendiranath. The private individuals who were convicted are Sanjay Nagji Patel (director, M/s. Jalpa Enterprise Pvt Ltd), Satish Nagji Davra (proprietor, M/s. Bapa Sitaram Enterprise), Hitesh Domadiya of M/s H Domadiya & Co, Vaishali Davra, (proprietor of M/s VS Textiles), and Ramila Bhikadiya (proprietor of M/s Priyanshi Textiles and M/s. Jalpa Enterprise Pvt Ltd), all based in Surat.
According to the statement on Friday, Gurinder Singh, KGCS Iyer, and KE Surendiranath were sentenced to rigorous imprisonment (RI) for two years and slapped with a fine of Rs 1 lakh each.
Davra got two years of RI and a fine of Rs 50,000; Hitesh Domadiya got three years of RI and a fine of Rs 1,00,000; Vaishali Davra got two years of RI and a fine of Rs 50,000; and Ramila Bhikadiya got two years of RI and a fine of Rs 50,000. The court also imposed a fine of Rs 50,000 on Jalpa Enterprise Pvt. Ltd.”
The CBI registered the instant case on August 22, 2016, against Shailesh Bhikha Satasiya (proprietor of M/s. Shree Kali Textiles, Sanjay Patel, Satish Davra, and unknown private persons and unknown public servants. It was alleged that Shree Kali Textiles through its proprietor, applied for a term loan on July 10, 2011, of Rs 370 lakh and a cash credit limit of Rs 40 lakh for the purchase of 44 water jet loom machines and general business operations.
Following a recommendation by then senior manager KE Surendranath and then chief manager KGCS Iyer, the credit facilities were officially sanctioned on July 29, 2011 by Gurinder Singh. The primary security for these loans was the 44 machines themselves, supported by collateral in the form of various plots and residential flats.
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The CBI statement said, “Investigation revealed that accused Shailesh Bhikha Satasiya and other private persons submitted forged documents with the intention to use the same as genuine and based on these forged/ false documents as well as other facts. The accused public servants without following the guidelines of the bank, accepted the fake documents as genuine and dispersed the loan facilities, thus causing undue benefit to the accused persons and corresponding loss of Rs 156.98 lakh plus interest to the Punjab National Bank, Surat.”
After the completion of the investigation, CBI filed a charge sheet on June 29, 2016. The Court, after trial, found the accused guilty and sentenced them accordingly.
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