Rs 26 crore bank fraud: Court jails two, imposes Rs 1 crore fine on housewife

“…the Board Resolutions filed by her (Anitha), disclose that she was in control of the management of  Roshan Electrical and is also a beneficiary by withdrawing cash from cash credit account to the extent of Rs 1 crore on 30/7/2008, itself. The offence is of such a nature that it affects the banking ecosystem and needs to be dealt with strongly,” special judge A V Kharkar said. The court said that taking into consideration that the offence is an economic offence and she is a woman, it would be appropriate to sentence her to three years imprisonment, and a fine to the extent of the amount she received in her personal capacity.

The CBI had alleged that an anonymous complaint was received by the Central Vigilance Committee, which was forwarded to the Vijaya Bank, based on which an FIR was filed by the CBI, regarding alleged irregularities in a loan in 2008. The CBI had claimed that a company named Roshan Electrical Pvt Ltd, had availed a loan by concealing and misrepresenting facts. It was alleged that the company, linked to the Mathias, already had an account with another bank, Bharat Cooperative Bank with a cash credit limit of Rs 12 crore, but Maxim approached Vijaya Bank’s Goregaon branch, requesting takeover of the other account and cash credit limit of Rs 30 crore, along with other
facilities.

The CBI had alleged that without obtaining transfer of Term Deposits from Bharat Cooperative Bank, an amount of Rs 21 crore was disbursed towards the accused company which was then used to repay a previous outstanding amount. The CBI’s special public prosecutor R S Mhamane, had alleged other irregularities in the loan and credit facility extended to the company by submitting documentary evidence from the bank. Against Shetty, it was alleged that while he was allowed to release an amount of Rs 13.02 crore, Rs 21 crore was instead released.
The CBI had also alleged that Anitha was actively involved in the management of the company and was involved in the loan process as well, shown as a borrower.

The court suspended the sentence against Shetty granting him bail to file an appeal against the order.