A special court in Mumbai has sentenced Bank of Maharashtra's then Assistant General Manager to three years rigorous imprisonment and a fine of Rs 2 lakh for cheating the bank to the tune of Rs 7 crore.
Special Judge SP Naik Nimbalkar, who presides over a special CBI court, has passed the conviction orders.
Those convicted are D.R. Deshpande, then AGM, Bank of Maharashtra; Mukesh M. Shah, Director of SPL Technochem Ltd, Mumbai; and Shreyansh P. Sheth, Director, SPL Technochem Ltd, Mumbai to 3 years imprisonment and a fine of Rs 1.01 crore.
The court also awarded 3 years' jail term to 5 Directors of private firms -- Dhumil Sheth, Vishal Sheth, Hasmukh Sheth, Vinod Sheth and Manoj B. Shah -- with a fine of Rs 50.5 lakh.
The CBI had registered a case on March 18, 2009 on a complaint from the General Manager, Bank of Maharashtra.
It was alleged that during the year 2007, the accused including its Directors in connivance with D R Deshpande, then AGM, Bank of Maharashtra had obtained Cash Credit limit of Rs.2.10 crore against hypothecation of inventory and receivables and LC-Inland/Import limit of Rs.5.40 crore from Bank of Maharashtra, Bandra (East) Branch, Mumbai through fraudulent means and on forged documents,” a CBI press statement said.
Thus, the accused cheated the bank to the tune of Rs 2,69,08,482 plus unapplied interest amounting to Rs 1,04,25,069.
Published 10 April 2023, 10:52 IST