Ex-AGM, 7 others in loan fraud case get 3 yrs' jail term

New Delhi, April 10 A Special Mumbai Court has awarded a three years' rigorous imprisonment to former Assistant General Manager (AGM) of the Bank of Maharashtra (BOM) and others in connection with a loan fraud case.

The court sentenced D.R. Deshpande, then AGM, BOM; Mukesh M. Shah, Director of SPL Technochem Ltd, Mumbai; and Shreyansh P. Sheth, Director, SPL Technochem Ltd, Mumbai, to three years' jail term.

The court also awarded three years' jail term to five Directors of private firms Dhumil Sheth, Vishal Sheth, Hasmukh Sheth, Vinod Sheth and Manoj B. Shah with a fine of Rs 50.5 lakh.

The CBI had registered a case on March 18, 2009, on a complaint from General Manager, BOM.

It was alleged that during the year 2007, the accused, including its Directors in connivance with Deshpande, then AGM, BOM, obtained a cash credit limit of Rs 2.1 crore against hypothecation of inventory and receivables and LC-import limit of Rs 5.4 crore from the BOM, Bandra(E)Branch as well as furnished forged documents. Thus, the accused cheated the bank to the tune of Rs 2,69,08,482 plus unapplied interest amounting to Rs 1,04,25,069

After investigation, a charge-sheet was filed against the accused.

The trial court found the accused guilty and convicted them.

atk/khz/