A special Central Bureau of Investigation (CBI) court in Ahmedabad convicted and sentenced three retired Punjab National Bank (PNB) officials, along with five private individuals and a company, in a bank fraud case. The fraud involved the approval of credit facilities based on forged documents, leading to a loss of Rs 156.98 lakh plus interest for the bank.
The convicted PNB officials are Gurinder Singh, K.G.C.S. Iyer, and K.E. Surendiranath, who were each sentenced to two years of rigorous imprisonment and fined Rs 1 lakh. Among the private individuals, Sanjay Patel, Satish Davra, Hitesh Domadiya, Vaishali Davra, and Ramila Bhikadiya received varying prison terms and fines.
The case, registered in 2016, involved the application for a term loan and cash credit limit for the purchase of machinery. The credit facilities were approved without proper verification of documents, leading to wrongful gain for the accused and losses for the bank. The court found all accused guilty after the trial and imposed appropriate sentences.
