PNB Bank Manager sentenced to 3 years jail over fraud loans case

New Delhi, March 21: The Central Bureau of Investigation (CBI) moving ahead with the strict probe in the Rs 11,378.68 Crores loan fraud case has a new advancement in the series of conviction. The Special CBI Court has probed three years rigorous imprisonment to then branch manager of Punjab National Bank and three others in a cheating case.

 

The Special Judge of CBI Cases, Ahmedabad (Gujarat) has sentenced Shrikant Raghunath Khatavkar, then Branch Manager of Punjab National Bank, Dineshbhai Amichandbhai Turakhia, then Manager, Classic Co-operative Bank Ltd., Usmanpura, Ahmedabad, both to undergo three years Rigorous Imprisonment with fine of Rs. 5,000/- each. Citing to the Bank Fraud case, two others have been convicted with rigorous imprisonment with a fine of around Rs 15,000/- each.

In a charge-sheet filed in January, 2002, the CBI had said Khatavkar and others cheated the Punjab National Bank to the tune of Rs 70 million by issuing and discounting pay orders worth Rs 100 million without any balance in the account of M/s K.L. Choksi on the basis of false and fictitious bills.

They were booked under sections 120-B (criminal conspiracy), 420 (cheating), 477-A (falsification of accounts) of IPC and other relevant sections of the Prevention of Corruption Act, 1988.