₹100-cr PNB fraud case: 11 get bail as CBI court cites completed probe, no need for custody

In near-identical orders passed for all accused, Special Judge J P Darekar recorded that none of the accused were arrested during the investigation and had appeared before the court pursuant to summons issued after the filing of the charge sheet

MUMBAI: A special Central Bureau of Investigation (CBI) court on Friday granted bail to 11 accused in a ₹100-crore loan fraud case involving Punjab National Bank (PNB), observing that the investigation is complete, no custodial interrogation was sought during the probe, and all material evidence has already been seized.

Wooden gavel and books on wooden table

In near-identical orders passed for all accused, Special Judge J P Darekar recorded that none of the accused were arrested during the investigation and had appeared before the court pursuant to summons issued after the filing of the charge sheet. The court further noted that “nothing remains to be recovered or discovered” from them.

The case pertains to loans sanctioned to Siddhi Vinayak Logistics Ltd between 2013 and 2017 for purchasing 335 commercial vehicles. The CBI alleges the firm and its promoters secured loans through misrepresentation, failed to fully hypothecate assets, and diverted funds.

As per the FIR lodged in December 2022, only about 240 vehicles were documented against loans worth around ₹100 crore. Several vehicles were allegedly untraceable or financed elsewhere, causing the bank a loss of ₹87.46 crore.

The accused granted bail include promoters/directors Roopchand Baid, Deepak Kumar Baid, Rajkumar Roopchand Baid and Laxmidevi Baid. Also named are Srikant Swain of Addplus Distributors Pvt Ltd and Anand Vijaikumar Singh of Transport Solutions India Pvt Ltd.

The court also granted bail to former and serving bank officials, including then PNB chief manager Prakash Chandra Patra, retired deputy general manager Vinod Chakradhar Joshi, manager (credit) Swati Sadhale alias Swati Kunnure, AGM and branch head Pradeep Kumar Varun, and valuer Dilipkumar Kantilal Gheewala.

The prosecution case alleged that the accused “entered into conspiracy and consequently defrauded the complainant bank” by availing credit facilities and loans through “false representations” and “bogus documents.”

While noting the seriousness of the allegations of conspiracy and fraud, the court held that further custodial interrogation was not warranted at this stage as it reasoned that the material evidence has already been seized.