A CBI Court in SAS Nagar, Punjab, has convicted and sentenced seven people to three years in prison for their involvement in a ₹7.8 crore bank fraud case that targeted Bank of Baroda. The verdict, delivered on 29 November 2025, comes nearly nine years after the case was first registered.
According to the CBI, the fraud was carried out by partners of M/s Manish Traders — Ramesh Kumar Jain, Manish Jain, and Kanta Jain — who allegedly conspired with unknown bank officials to siphon off bank funds, causing a wrongful loss of ₹7.83 crore to Bank of Baroda.
CBI registered the case on 4 November 2016 after Bank of Baroda filed a complaint about fraudulent transactions linked to export-related activities. The agency later filed a chargesheet on 28 June 2017, naming all seven individuals. The court has now found them guilty after a full trial.
7 people sentenced 3 years in Jail
Two key accused — Manish Jain and Ramesh Kumar Jain — received three years of rigorous imprisonment and a fine of ₹35,000 each. The other five accused — Rachna Jain, Bhupinder Singh, Pritpal Singh, Sanjeev Kumar Jain and Anita Jain — were given three years’ imprisonment with fines of ₹15,000 each.
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