Anushka Sharma-
Published On: November 16, 2021 at 17:56 IST
After finding them guilty of Cheating and Criminal conspiracy to siphon off Rs. 40 lakh from the Bank using forged documents, a special CBI Court sentenced three people to five years in Prison, including a former senior manager of Punjab National Bank (PNB) in Ahmedabad and two owners of a private firm.
According to CBI officials, a Special Judge sentenced Sanjiv Kamalkar Inamdar, the then senior manager of PNB Ambawadi branch in Ahmedabad, to five years of Simple Imprisonment and a fine of Rs 7.5 lakh, while Mayank Bachubhai Shah and his brother Rikin Bachubhai Shah, the proprietors of Jainal Enterprises, to five years of Simple Imprisonment and a fine of Rs 7 lakh each.
The Case pertains to a complaint filed by the chief manager of Punjab National Bank’s Ambawadi Branch in Ahmedabad in 2004 with the CBI in Gandhinagar against his predecessor, Subhash Chandra Mahajan.
“It was alleged that the then chief manager of PNB, along with other bank officials, had sanctioned a cash credit (hypothecation) facility of Rs 40 lakh to Mayank Bachubhai Shah, proprietor of an Ahmedabad-based private firm, in conspiracy with other accused on the basis of forged documents, without carrying out physical inspection/verification of the immovable property. An alleged loss of Rs 40 lakh was caused to the bank,” read a statement from the CBI
The Complainant went on to say that the entire sum was siphoned off by the party, who never Reimbursed the money to the Bank despite numerous reminders, and that the Bank had been “Cheated to the tune of Rs 40 lakhs.”
Mayank, Rikin (both owners of a Jainal business), and Sanjiv Kamlakar Inamdar, a senior manager at PNB Ambawadi in 2002, were found guilty of a Criminal Conspiracy, as well as Cheating, falsification of papers, and forgery for the purpose of Defrauding. For each of the Offences, the guilty were sentenced to two to five years of simple Imprisonment, which would all run consecutively.
Mayank and Rikin, the two Accused brothers, confessed by signing a declaration that was in the Court’s record, according to Special CBI Judge VR Raval’s decision. The Court heard evidence that included a Chartered Accountant’s phony account statement, a shop’s false allotment letter, and documentation suggesting stock in the go down when none existed.
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