CBI Court Delivers Blow to Banking Fraud: Four Convicted, Fines Imposed
(By Syed Ali Taher Abedi)
Mumbai, March 18, 2026: In a resounding verdict against financial malfeasance, the Special CBI Court in Mumbai convicted and sentenced four key accused in a brazen Rs 3.55 crore bank fraud conspiracy spanning 2007-09.
The guilty Manoj Kumar Mathur, then Senior Manager at Bank of India’s Nariman Point branch Harit Mehta, proprietor of M/s Infinite Transmission Abhay Mehta, the firm’s Director and Ilesh Shah now face the full weight of the law for forging documents and siphoning public funds.
Sentences reflect the gravity of their deceit Mathur and Shah each draw three years’ imprisonment plus Rs 50,000 fines Harit Mehta, the linchpin, gets five years behind bars and a staggering Rs 3.50 crore penalty. Abhay Mehta faces rigorous imprisonment for five years alongside a Rs 1 crore fine.
The saga began with a CBI FIR on September 9, 2010, targeting seven accused in a web of criminal collusion.
Public Prosecutor allegations painted a vivid picture The quartet, led by Mathur’s insider betrayal, fraudulently secured Letter of Credit (LC) facilities worth Rs 3.55 crore, masquerading as issued by HDFC Bank’s Lower Parel branch to M/s Infinite Transmission.
Mathur dishonestly discounted the forged LCs at his Bank of India post, shuffling funds to offset prior dues while diverting the rest through a labyrinth of accounts to personal coffers and shadowy entities inflicting heavy losses on the banking system.
Probe revelations were damning. The LCs were pure fabrications, never authorized by HDFC, with proceeds laundered to erase traces and settle old scores.
Post-investigation, the CBI unleashed a comprehensive chargesheet on June 18, 2012, against 17 individuals and firms, culminating in a meticulous trial.
The Hon’ble Court, after sifting evidence with forensic precision, pronounced guilt and penalties, underscoring zero tolerance for white-collar predation on public trusts.
