The CBI Court in Ahmedabad has convicted six individuals and a private company in a major bank fraud case involving Bank of Baroda. The judgment was delivered on 14 November 2025. According to the CBI, the convicted private company is M/s Jalpa Enterprises Pvt. Ltd., Surat. The six convicted individuals are:
- Sanjay Nagjibhai Patel (Davara) – Director, Jalpa Enterprises Pvt. Ltd.
- Sangeeta Sanjay Patel – Associated with Jalpa Enterprises
- Satish Nagjibhai Davara – Mortgagor/Guarantor of Jalpa Enterprises
- Nanubhai Arjanbhai Moradiya – Mortgagor/Guarantor of Jalpa Enterprises
- Vipul Nrottambhai Ramanuj – Director, Shree Ram Weave Tech, Surat
- Mitul D. Vaghasiya – Director, Shree Ram Weave Tech, Surat
All six individuals have been sentenced to three years imprisonment. The court also imposed a fine of ₹25,000 on each person, and an additional ₹25,000 on the company, bringing the total fine to ₹1,75,000.
Case Background
The CBI registered the case on 1 April 2017 after receiving a complaint from Bank of Baroda. The case was filed against:
- Jalpa Enterprises Pvt. Ltd.
- Its directors Sanjay Nagjibhai Patel and Sangeeta Sanjay Patel
- Mortgagors/Guarantors Satish Nagjibhai Davara and Nanubhai Arjanbhai Patel
- Unknown public servants of Bank of Baroda
The bank alleged that the accused applied for a term loan of ₹12.90 crore and cash credit of ₹2 crore, totaling ₹14.90 crore, through the Small and Medium Enterprise Loan Factory (SMELF) of Bank of Baroda in Surat. The loan request was made for the installation of 60 Air Jet Weaving Machines, and the loan was secured against plant and machinery, stocks, book debts, and personal guarantees of directors.
How the Fraud Happened
The CBI investigation found that the accused diverted the bank funds and did not use the money for the purpose for which the loan was sanctioned. Because of this diversion, the Bank of Baroda suffered a wrongful loss of ₹8.48 crore, while the accused made unlawful gains. After completing the investigation, the CBI filed its chargesheet on 30 December 2017.
Court’s Final Decision
After a full trial, the CBI Court convicted all the six accused persons and the private company. One of the accused, Shailesh Bhikhabbhai Satasiya, Director of Shree Kali Yam, Surat, passed away during the trial. Therefore, the charges against him were dropped.
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