On Friday, a CBI Court in the region convicted and sentenced three former officials of Punjab National Bank (PNB) along with five business owners from Surat in connection with a bank fraud case.
The Central Bureau of Investigation (CBI) disclosed that the accused public servants failed to adhere to the bank’s protocols, accepted counterfeit documents as legitimate, and disbursed loans to a company, ultimately resulting in a financial loss exceeding Rs 156.98 lakh for the bank.
The convicted PNB officials include Gurinder Singh, who served as the assistant general manager, KGCS Iyer, the former chief manager, and KE Surendiranath, the retired senior manager. The private sector individuals found guilty are Sanjay Nagji Patel (director of Jalpa Enterprise Pvt Ltd), Satish Nagji Davra (owner of Bapa Sitaram Enterprise), Hitesh Domadiya from H Domadiya & Co, Vaishali Davra (owner of VS Textiles), and Ramila Bhikadiya (owner of Priyanshi Textiles and Jalpa Enterprise Pvt Ltd), all operating in Surat.
The court sentenced Gurinder Singh, KGCS Iyer, and KE Surendiranath to two years of rigorous imprisonment (RI) and imposed a fine of Rs 1 lakh each. Sanjay Davra received two years of RI along with a Rs 50,000 fine; Hitesh Domadiya was sentenced to three years of RI and fined Rs 1 lakh; Vaishali Davra and Ramila Bhikadiya each received two years of RI and a Rs 50,000 fine. Additionally, a fine of Rs 50,000 was levied against Jalpa Enterprise Pvt Ltd.
The CBI initiated this case on August 22, 2016, targeting Shailesh Bhikha Satasiya (owner of Shree Kali Textiles), Sanjay Patel, Satish Davra, and unidentified individuals from both the private sector and public service. It was alleged that Shree Kali Textiles, under Satasiya’s ownership, applied for a term loan of Rs 370 lakh and a cash credit limit of Rs 40 lakh on July 10, 2011, to acquire 44 water jet loom machines and for general business needs.
Following a recommendation from senior manager KE Surendiranath and chief manager KGCS Iyer, the loan facilities were approved on July 29, 2011, by Gurinder Singh. The loans were primarily secured by the 44 machines, with additional collateral consisting of various plots and residential properties.
The CBI’s investigation unveiled that Shailesh Bhikha Satasiya and other individuals submitted falsified documents intending to use them as authentic. The involved public servants, neglecting bank protocols, accepted these fraudulent documents and authorized the loan disbursement, thereby providing unwarranted advantages to the accused and inflicting a loss of Rs 156.98 lakh plus interest to Punjab National Bank in Surat.
Once the investigation concluded, the CBI submitted a charge sheet on June 29, 2016. The Court subsequently found the defendants guilty and handed down appropriate sentences.
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