Ahmedabad’s Special CBI Court has sentenced seven individuals, including former Punjab & Sind Bank officials and private persons, to three years of rigorous imprisonment in connection with a major bank fraud case. The convicted individuals have also been fined a total of ₹27.5 lakh for their involvement in fraudulent financial transactions that caused significant losses to the bank.
Who Are the Convicted Individuals?
Among those sentenced are:
- K.R. Goyal – Former Manager, Punjab & Sind Bank (Surat Branch)
- Rakesh Behl – Former Manager, Punjab & Sind Bank (Surat Branch)
- Shiv Ram Meena – Former Officer, Punjab & Sind Bank (Surat Branch)
- Manjit Singh Bakshi – Private individual
- Manish G. Patel – Private individual
- Pawan Kumar Bansal – Private individual
- Sandeep Kumar Bansal – Private individual
The Bank Fraud: How It Happened
The Central Bureau of Investigation (CBI) registered the case against the accused after uncovering fraudulent activities at Punjab & Sind Bank’s Surat Branch between 2000 and 2002. Investigations revealed that the accused individuals engaged in unauthorized and dishonest financial transactions, causing a wrongful loss of ₹1.84 crore to the bank.
Fraudulent Transactions
- The accused bank officials misused their positions to illegally approve large cheque transactions beyond their authorized limits.
- They processed high-value cheques drawn on accounts belonging to sister concerns of the private accused.
- These transactions were made without necessary approvals from the bank’s controlling office.
- To hide these fraudulent activities, the officials deliberately avoided obtaining post-facto approval from the bank’s higher authorities.
Investigation and Court Proceedings
After an extensive investigation, the CBI filed a charge sheet on March 31, 2004 against the accused, charging them with criminal conspiracy, cheating, criminal breach of trust, falsification of accounts, and misconduct by public servants.
During the trial, the prosecution:
- Presented 53 witnesses to support the charges.
- Submitted 243 documents and exhibits as evidence.
After reviewing the evidence and testimonies, the court found all seven accused guilty and sentenced them accordingly.
Verdict and Sentencing
The Special CBI Court sentenced each of the accused to three years of rigorous imprisonment and imposed a total fine of ₹27.5 lakh. The verdict serves as a strong message against financial misconduct, ensuring that fraudulent banking activities do not go unpunished.
