Bank of Maharashtra Fraud: Ex-AGM, Eight Company Directors Sent to Jail
A special CBI (central bureau of investigation) court in Mumbai on Monday sentenced a former Bank of Maharashtra (BoM) AGM (assistant general manager) and several directors of private companies to varying jail terms in connection with a fraud of over Rs3.50 crore, officials said here.
 
The convicts include ex-AGM of BoM, DR Deshnapde, who has been awarded three-year rigorous imprisonment along with a fine of Rs200,000.
 
SPL Technochem Ltd directors Mukesh M Shah and Shreyansh P Sheth have also been awarded three-year jail term along with a fine of Rs1.01 crore. The company has also been separately penalised for Rs300,000.
 
Other directors like Kalpataru Comtrade's Dhumil Sheth, Sabrangh Polymers' Vilesh Sheth, Vision Agencies' Vishal Sheth, Sharp Industries' Hasmukh Sheth and Vinod Sheth, and Cat Cosmetics & Healthcare's Manoj B. Shah have been sentenced to three-year jail term each, along with a fine of Rs50.50 lakh each.
 
The verdict was pronounced by special judge SP Naik-Nimbalkar after a trial that lasted over 13 years.
 
As per the CBI investigation, in 2007, the accused along with Mr Deshpande had connived to obtain cash credit limit of Rs2.10 crore against hypothecation of inventory and receivables, and LC (letter of credit)-inland/import limit of Rs5.40 crore from the Bank of Maharashtra through fraudulent means and on forged documents.
 
Following a complaint lodged by the BoM genreal manager, the CBI took up the probe in March 2009.
 
CBI's detailed probe into the fraud revealed cheating to the tune of Rs2,69,08,482 plus interest of Rs1,04,25,069 by the accused persons, who were arrested, charge-sheeted and the case went for trial.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
Comments
mjnasar
10 months ago
13 years is comfortable time _
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