CBI Court Convicts Four in ₹6.75 Crore Bank Fraud; Firms Fined ₹2 Crore
(Judicial Quest News Network)
Lucknow, March 10: In a significant pronouncement, the Special CBI Court, Lucknow, has convicted and sentenced four private individuals Ramji Mishra, Shyamji Mishra, Akhilesh Kumar Mishra, and Manishi Pandey alongside two firms, M/s Manishi Enterprises, Varanasi, and M/s Mirzapur Carpets Co. Ltd., in a long-pending bank fraud case.
The Court awarded rigorous imprisonment of eight years to each of the four convicts and imposed a fine of ₹70 lakh apiece.
In addition, the two firms have been directed to jointly pay a penalty of ₹2 crore, underscoring judicial intolerance towards financial crimes that undermine the integrity of banking institutions.
The case traces back to March 13, 2001, when the CBI registered an FIR against S.N. Verma, then Branch Manager of Central Bank of India, Mirzapur, and others.
Investigations revealed that M/s Mirzapur Carpets Co. Ltd., with Ramji Mishra as Managing Director and Shyamji Mishra and Akhilesh Kumar Mishra as Directors, fraudulently availed credit facilities from the bank in 1996.
The modus operandi involved the use of forged Bills of Lading, causing wrongful loss to the tune of ₹6.75 crore.
Following a detailed probe, the CBI filed a combined charge sheet on March 17, 2004, naming seven individuals and two firms. The charge sheet alleged conspiracy and fraudulent practices designed to siphon funds from the banking system.
After a protracted trial, the Hon’ble Court has now delivered its verdict. While convicting the principal accused, the Court acquitted S.N. Verma, the then Branch Manager, and private individual Yadunath Dubey, holding that evidence of criminal conspiracy was not established against them.
Proceedings against accused Pankaj Kumar Tiwari have been separated on medical grounds.
This judgment, delivered after nearly a quarter-century of investigation and trial, stands as a stern reminder that financial frauds, however delayed in adjudication, will not escape the long arm of justice.
