Seven convicted for cheating bank in Mumbai of Rs150 crore
The agency alleged the director of the company, Kailash Dedhia, 74, approached Bank of India for loan and credit facility in 2000mumbai Updated: Feb 14, 2018 16:43 IST
The special CBI court on Tuesday convicted seven accused, including bank officials, for cheating a nationalised bank of Rs150 crore.
The directors of Shivano Pharma (Pvt) Ltd, in connivance with bank officials, got a loan of Rs100 crore and a credit facility of Rs50 crore on the basis of a mortgaged property. The accused had forged the property documents and shown inflated value of the mortgaged plot to obtain the loan.
The agency alleged the director of the company, Kailash Dedhia, 74, approached Bank of India for loan and credit facility in 2000. The proposal for the loan was submitted on July 26, 2000, through accused Mahesh Bohra, 61. Dedhia and his wife, Kamala Dedhia, 71, had offered to deposit a title deed of a property located in Andheri. The documents of the property, shown in the name of guarantor, Rajnish Upadhyay, were fake.
The agency alleged the accused bank officials -- Bhagwan Joshi, 71, Gollapudi Sharma (died during the pendency of the trial) -- did not verify the documents submitted by the accused and proceeded in sanctioning of the loan and credit facility. The prosecution claimed the lawyer Yunus Memon, 63, gave an incorrect title clearance of the plot which the accused had presented to mortgage. The lawyer, however, was acquitted in the case.
The CBI claimed the forged documents were prepared by accused Sandesh Nage, 48, on instructions from Bohra. The agency claimed that Government Examiner of Questioned Documents (Ministry of Home Affairs; India) said the signature of Upadhyay was forged by Nage. While the accused, Shekher Lokhande, (died before the trial was completed), was presented before the bank as Upadhyay and signed as guarantor.
The loan was later transferred to various accounts, the CBI alleged.
The court on Tuesday convicted all accused – Dedhia, Kamla, Bohra, Nage, Abhishekh Dedhia (one of the directors of the company), Gopal Jailal Dedhia, along with the bank officials, Joshi and Sharma. While Dedhia, Bohra and Nage have been sentenced to four-year imprisonment, the others have been sentenced to two years in jail.