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Special CBI court convicts officials from bank, three firms in Rs 300-crore fraud

The CBI had registered the case in February 2017, following a complaint filed by the Bank of India in the matter of discounting 246 bills against LC issued by Deccan Gymkhana branch of the Canara Bank to the tune of Rs 300 crore.

delhi news, north delhi news, north delhi mayor“A case has been lodged and the investigation is on,” said an official.

A special CBI court in Pune on Tuesday sentenced the then chief manager of a bank to five years’ imprisonment, and three employees of private firms to three years’ imprisonment each, in a case of fraudulent discounting of bills against Letters of Credit (LC) issued by the bank to the tune of Rs 300 crore in 2016. The court has also fined two private firms that were named as accused in the case.

The CBI had registered the case in February 2017, following a complaint filed by the Bank of India in the matter of discounting 246 bills against LC issued by Deccan Gymkhana branch of the Canara Bank to the tune of Rs 300 crore.

The press statement issued by the CBI in this regard read, “It was alleged that the accused hatched conspiracy and in pursuance of the conspiracy, the managing director of both the companies, Varron Aluminium Private Limited (VAPL) and Varron Auto Comp Private Limited (VACPL), got issued fraudulent LC on February 29, 2016, through the then chief manager of Canara Bank, Deccan Gymkhana Branch, Pune. It was further alleged that 246 forged bills were submitted in the Bank of India and got the same discounted fraudulently in the name of the other co-accused companies. Further, the money received from these fraudulent transactions was again allegedly transferred to the accounts of Varron Group of Companies and also dishonestly and fraudulently utilised for reducing their earlier liabilities with State Bank of India. After investigation, a chargesheet was filed in the Court of Special Judge, CBI Cases, Pune against the accused. The trial court found the accused guilty and convicted them.”

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The press statement further stated, “The Special Judge for CBI cases in Pune has today sentenced SR Hegde, then chief manager, Canara Bank, Deccan Gymkhana Branch, Pune to undergo five years of rigorous imprisonment with fine of Rs 1 lakh. Ganesh Kolhe, the then account assistant of VAPL and VACPL, has been sentenced to three years of rigorous Imprisonment with fine of Rs 1.5 lakh. Ganesh Gaikwad, then account assistant of VAPL and VACPL, will undergo three years of rigorous imprisonment with fine of Rs 1 lakh. Manoj S Salvi, proprietor of Ratna Metal Mart, has been sentenced to three years of rigorous imprisonment with fine of Rs 1 lakh. The court has also imposed a fine of Rs 1 crore each on Varron Aluminium Private Limited (VAPL) and and Varron Auto Comp Private Limited (VACPL).”

 

 

First published on: 06-10-2021 at 03:39 IST
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