A CBI court in Ahmedabad on 10 April 2026 convicted and sentenced three retired officials of Punjab National Bank (PNB) along with six others, including private individuals and a company, in a bank fraud case.
The convicted officials are Gurinder Singh (Retired Assistant General Manager), K.G.C.S. Iyer (Retired Chief Manager), and K.E. Surendranath (Retired Senior Manager). The court sentenced all three officials to two years of rigorous imprisonment and imposed a fine of ₹1 lakh each.
Among the private accused, Sanjay Nagjibhai Patel was sentenced to three years of rigorous imprisonment with a fine of ₹50,000, Satish Nagjibhai Davra to two years of imprisonment with a fine of ₹50,000, Hitesh Domadiya to three years of imprisonment with a fine of ₹1 lakh, Vaishaliben Davra to two years of imprisonment with a fine of ₹50,000, and Ramilaben Bhikadiya to two years of imprisonment with a fine of ₹50,000.
The court also imposed a fine of ₹50,000 on the firm M/s Jalpa Enterprise Pvt. Ltd. The case was registered by the Central Bureau of Investigation (CBI) on 22 August 2016 against Shailesh Bhikhabhai Satasia, proprietor of M/s Shree Kali Textiles, Surat, along with other accused including Sanjay Nagjibhai Patel and Satish Nagjibhai Davra, and unknown private persons and public servants.
According to the investigation, M/s Shree Kali Textiles applied for a term loan of ₹3.70 crore and a cash credit limit of ₹40 lakh on 10 July 2011 for purchasing 44 water jet loom machines and for business operations.
Based on the recommendations of bank officials K.E. Surendranath and K.G.C.S. Iyer, the loan was sanctioned on 29 July 2011 by then AGM Gurinder Singh. The machines were kept as primary security, along with collateral such as plots and residential flats.
The accused submitted forged documents to obtain the loan. Bank officials approved and disbursed the loan without following proper guidelines, which resulted in undue benefit to the accused and caused a loss of ₹156.98 lakh, along with interest, to Punjab National Bank, Surat.
After completing the investigation, the CBI filed a charge sheet on 29 June 2016. Following the trial, the court found all the accused guilty and sentenced them accordingly.
