In connection with a two-decades-old bank fraud case registered by the Central Bank of India, the special CBI court has handed down sentences to four individuals. Dinesh Maruti Kadakane, the former proprietor of M/s Shree Gajanan Industries, received a three-year prison term and a ₹5 lakh fine. Guarantor Appa Tadoba Phadke was sentenced to one year in jail, coupled with a ₹1 lakh fine.
The case, registered on March 25, 2009, involved allegations that Kadakane and Phadke, in collaboration with a bank official and four others, deceived the bank by utilizing false and fabricated documents to secure credit facilities during 2002-23.
The prosecution contended that they diverted the funds for personal gain, causing a substantial loss of nearly ₹4.4 crore to the bank. The charge sheet against seven accused was filed in December 2020. Unfortunately, three of the accused passed away during the trial, and two others were acquitted.
