The Special Judge for CBI Cases in Ahmedabad, Gujarat, has sentenced two individuals, including Shri Deepak L. Dave, the former Branch Manager of SBI’s Atladara Branch, and Shri Paresh Dave, a private individual and partner at M/s. Gujarat Glass Co., to 10 years of rigorous imprisonment (RI) along with a total fine of Rs. 6.41 crore (Rs. 641.5 lakh) in a bank fraud case. The majority of the fine, totaling Rs. 6.4 crore, was imposed on Paresh Dave, while the fine for Deepak L. Dave amounted to Rs. 1.5 lakh. ALSO READ: SBI AGM sent to Jail by CBI Court
The CBI registered the case on June 4, 1998, based on a complaint lodged by SBI against the accused, including Deepak L. Dave and Paresh Dave, among others. It was alleged that during the 1995-96 period, Deepak L. Dave, while serving as the Branch Manager, approved working capital limits for M/s. Gujarat Glass Co. and M/s. Gujarat Graphic & Mirrors, Baroda. He conspired with other accused individuals, committing offenses such as forgery of valuable securities, using forged documents as genuine, and abusing his official position as a public servant. The total defrauded amount from SBI was approximately Rs. 5.99 crore. Click here to read more CBI cases.
Following the investigation, a charge sheet was filed on November 29, 2000, against the accused, including those ultimately convicted by the court. After a trial, the court found the accused guilty and imposed the respective sentences. Click here to read more ED cases.
