A CBI court in Ahmedabad has sentenced four people to three years of imprisonment and imposed a fine of ₹50,000 each in a bank fraud case involving more than ₹3 crore. Those convicted include Manojbhai B. Tanti, Pareshbhai M. Tanti, Smt. Poorva Pareshbhai Tanti, and Smt. Lilavanti M. Tanti, who is a partner in the firm M/s P.M. Marketing, Ahmedabad.
The case was registered by the Central Bureau of Investigation (CBI) on September 30, 2008. According to the CBI, the accused had entered into a criminal conspiracy and submitted fake financial statements to obtain a cash credit facility of ₹3 crore from Bank of Baroda. They also hid the fact that they had already taken a similar cash credit facility from the State Bank of India (SBI). This caused a wrongful loss of ₹3.48 crore to Bank of Baroda (BOB) and an illegal gain for themselves.
The investigation found that the accused had taken the loan from Bank of Baroda by submitting fabricated documents. The CBI also found that the accused, along with some officials from SBI, had suppressed information about their earlier cash credit facility from SBI before applying for the loan from Bank of Baroda.
After completing the investigation, the CBI filed a chargesheet against the accused on December 11, 2009. Following the trial, the court convicted all four individuals and awarded the sentence.
Click here to read more cases of Bank Frauds
-
-
-
-
-
-
-
-
-
-
-
-
