Bank officials and pvt firm employees jailed for fraud
The special judge for CBI Cases of Pune on Tuesday sentenced former senior Canara bank official S R Hegde, private firm employees Ganesh Kolhe and Ganesh Gaikwad to rigorous imprisonment in a case of fraud amounting to ₹300 crore. The court has also imposed a fine of ₹1 crore each on the accused Pune-based firms Varron Aluminium Pvt Ltd., and Varron Auto Comp Pvt. Ltd.
Earlier in February 2017, the Central Bureau of Investigation had registered a case based on a complaint from Bank of India alleging fraudulent discounting of 246 bills against Letter of Credit (LC) issued by Canara Bank, Deccan Gymkhana Branch, Pune to the tune of nearly ₹300 crore.
“It was alleged that the accused hatched conspiracy and in pursuance of the conspiracy, the managing director of both the companies, M/s. VAPL & M/s. VACPL got issued a fraudulent Letter 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.”
The money received from these fraudulent transactions were allegedly transferred to the accounts of M/s. Varron Group of companies and fraudulently utilised for reducing their earlier liabilities with the State Bank of India.
Hegde, the then chief manager of Canara Bank has been sentenced to five years of imprisonment with a fine of ₹1 lakh; Kolhe, the then account assistant of M/s. Varron Aluminium Pvt. Ltd. & M/s. Varron Auto Comp Pvt. Ltd., has been sentenced to three years of imprisonment and a fine of ₹1.5 lakh. Gaikwad, the then account assistant of M/s. Varron Aluminium Pvt. Ltd. (VAPL) & M/s. Varron Auto Comp Pvt. Ltd. (VACPL), has also been sentenced to three years of imprisonment with a fine of ₹1 lakh. Manoj S. Salvi, the proprietor of M/s. Ratna Metal Mart has also been sentenced to 3 years of imprisonment with a fine of ₹1 lakh.
In addition, the court has imposed a fine of Rs. 1 crore each on M/s. Varron Aluminium Pvt. Ltd., Pune and M/s. Varron Auto Comp Pvt. Ltd., Pune.
After investigation, a charge-sheet was filed in the Court of Special Judge, CBI Cases, Pune against the accused. The trial court found the accused guilty and convicted them.