In a major development, a CBI Court in Mumbai has sentenced four persons, including a former Senior Manager of Bank of India, in a bank fraud case. According to a press release issued by the Central Bureau of Investigation (CBI) on March 19, 2026, the court on March 18, 2026 convicted Manoj Kumar Mathur, who was then Senior Manager at Bank of India’s Nariman Point branch, along with Harit Mehta (proprietor of Infinite Transmission), Abhay Mehta (Director of the firm), and Ilesh Shah.
A Letter of Credit (LC) is a financial document issued by a bank that guarantees payment to a seller on behalf of a buyer.
It is mainly used in trade transactions to ensure that the seller receives payment once the agreed conditions are fulfilled.
- Bank gives guarantee of payment
- Used in domestic and international trade
- Payment is made only after documents are verified
- Reduces risk for both buyer and seller
The court sentenced Manoj Kumar Mathur and Ilesh Shah to three years imprisonment with a fine of ₹50,000 each. Harit Mehta was awarded five years imprisonment with a fine of ₹3.50 crore, while Abhay Mehta was sentenced to five years rigorous imprisonment with a fine of ₹1 crore.
The case was originally registered by the CBI on September 9, 2010 against seven accused persons. It was alleged that during the period 2007 to 2009, the accused persons, acting in criminal conspiracy, fraudulently availed Letter of Credit (LC) facilities worth ₹3.55 crore.
The LC was shown as issued by HDFC Bank, Lower Parel branch, Mumbai, in favour of M/s Infinite Transmission. However, investigations later revealed that the LC was forged and had never been issued by HDFC Bank. Manoj Kumar Mathur, while working as Senior Manager at Bank of India, allegedly conspired with others and discounted the forged LC, allowing funds to be released. Part of the money was adjusted against earlier LCs, while the remaining amount was siphoned off by the accused persons.
Further investigation found that the accused had routed the fraudulently obtained funds through multiple bank accounts to hide the money trail. Some of the funds were used to clear earlier financial liabilities, while the rest was diverted to various individuals and entities. After completing the investigation, the CBI filed a chargesheet on June 18, 2012 against 17 accused persons and firms. After a detailed trial, the court found the accused guilty and awarded the above sentences.
How to Check LC:
- Always verify LC with issuing bank using official contact details
- Check LC through SWIFT (MT700 / MT760)
- Verify signatures, stamps, and document format
- Match LC details with invoice, contract, and beneficiary
Warning Signs:
- Customer in hurry for LC discounting
- Unusual high value LC
- Unknown bank branch or poor quality document
Safety Tips:
- Follow maker-checker system strictly
- Never bypass rules under pressure
- Report suspicious cases immediately
