E-Paper
CBI judge sentences 4, including ex-bank manager, to rigorous imprisonment in Pune
A special CBI judge from Pune sentenced four people, including a former senior bank manager, to rigorous imprisonment on Tuesday, for discounting 246 bills against a letter of credit payable towards Bank of India, leading to the misappropriation of ₹300 crore
PUNE A special Central bureau of investigation (CBI) judge from Pune sentenced four people, including a former senior manager of a bank, to rigorous imprisonment (RI) on Tuesday, for discounting 246 bills against a letter of credit payable towards Bank of India, leading to the misappropriation of ₹300 crore.
The four included SR Hegde, chief manager Canara Bank, Deccan branch; Ganesh Kolhe and Ganesh Gaikwad, both former account assistants to companies Varron Aluminium Pvt Ltd (VAPL) and Varron Auto Comp Pvt Ltd (VAPCL); and Manoj Salvi, proprietor of Ratna Metal Mart.
Hegde was sentenced to five years’ RI and a ₹1 lakh fine. Kolhe was sentenced to three years’ RI and a ₹1.5 lakh fine. Gaikwad and Salvi were both sentenced to three years’ RI and ₹1 lakh fine each. The companies VAPL and VAPCL were each fined for ₹1 crore, according to a statement issued by CBI.
“CBI had registered the case on 23.02.2017, on a complaint from Bank of India in the matter of discounting 246 bills against a Letter of Credit (LC) issued by Canara Bank, Deccan Gymkhana branch, Pune to the tune of Rs.300 crore (approximately). It was alleged that the accused hatched a conspiracy and in pursuance of the conspiracy, the Managing Director of both the companies VAPL and VACPL got issued fraudulent Letters of Credit (LC) on February 29, 2016 through the then chief manager of Canara Bank, Deccan Gymkhana Branch, Pune. It was further alleged that 246 forged bills were submitted in the Bank of India and got the same discounted fraudulently in the name of the other co-accused companies. Further, the money received from these fraudulent transactions was again allegedly transferred to the accounts of Varron Group of companies and also dishonestly/fraudulently utilised for reducing their earlier liabilities with State Bank of India,” read the CBI statement.
