A Special CBI court in Indian state Gujarat’s capital Ahmedabad has sentenced a senior manager of Punjab National Bank (PNB) and two businessmen to five years imprisonment for defrauding the bank of Rs 40 lakh, officials said.
The Special Judge, Central Bureau of Investigation, Ahmedabad(Gujarat) sentenced Shri Sanjiv Kamalkar Inamdar, then Senior Manager, Punjab National Bank, one of the Indian Nationalised Bank, of Ambawadi Branch, Ahmedabad(Gujarat) to five years Simple Imprisonment with fine of Rs.7,50,000/- and Shri Mayank Bachubhai Shah & Shri Rikin Bachubhai Shah, Proprietors of M/s. Jainal Enterprise, both to undergo the five years Simple Imprisonment with fine of Rs.7 Lakh each for causing loss of Rs.40 Lakh(Approx) to Punjab National Bank, Ambawadi Branch, Ahmedabad(Gujarat).
CBI had registered a case on 02.12.2004 against the then Chief Manager, Punjab National Bank, Ambawadi Branch, Ahmedabad (Gujarat) and others. It was alleged that the then Chief Manager of PNB had sanctioned cash credit(Hypothecation) facility of Rs.40 Lakh(Approx) to Shri Mayank Bachubhai Shah, Proprietor of 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(approx) was caused to said Bank. After investigation, charge-sheet was filed on 06.10.2006 against the accused. During trial, 02 accused, including then Chief Manager, Punjab National Bank, expired. The Trial Court found the said accused guilty and convicted them. Two accused were acquitted by the Court.