Former Canara Bank officer V.V.N. Sastri and private individual Yasin K. Sheikh have been sentenced to one year in prison and fined a total of Rs 70,000 by a special court in North Goa. The sentence was handed down by the Special Judge, CBI Court, Merces, North Goa, on February 9, following their conviction on January 30.
The Central Bureau of Investigation (CBI) initiated the case on December 29, 2011, based on a complaint by Canara Bank against Sastri, who was an officer at the bank’s Ponda branch, and borrower Sheikh, along with others whose identities remain unknown. It was revealed during the probe that Sheikh had used false documents to secure a Canmobile loan of Rs 5 lakh for a Hyundai car he already owned. Sastri, misusing his authority, approved the loan against the bank’s rules and his financial limits.
Further investigations uncovered that Sheikh obtained another Rs 5 lakh Canmobile loan from Canara Bank’s Kolhapur branch for the same vehicle through fraudulent means, concealing the previous loan. This led to the accused acquiring two loans for the same car, causing financial harm to the bank. The CBI confirmed these findings.
Upon the completion of the investigation, the CBI filed a charge sheet against Sastri and Sheikh. After a trial, the court found both guilty and sentenced them to one year in prison, in addition to imposing a combined fine of Rs 70,000.
