Three To Five Years Rigorous Imprisonment to Three Accused Including Canara Bank Manager and Rs. One Crore Fine Each Imposed on Two Private Companies in A CBI Case
(Judicial Quest News Network)
The Special Judge for CBI Cases, Pune has today sentenced Shri S R Hegde, then Chief Manager, Canara Bank, Deccan Gymkhana Branch, Pune to undergo five years Rigorous Imprisonment with fine of Rs. one lakh; Shri Ganesh Kolhe, then Account Assistant of M/s. Varron Aluminium Pvt. Ltd. & M/s. Varron Auto Comp Pvt. Ltd., to undergo three years Rigorous Imprisonment with fine of Rs. 1.5 lakh; Shri Ganesh Gaikwad, then Account Assistant of M/s. Varron Aluminium Pvt. Ltd. (VAPL) & M/s. Varron Auto Comp Pvt. Ltd. (VACPL), to undergo three years Rigorous Imprisonment with fine of Rs. one lakh and Shri Manoj S. Salvi, Proprietor of M/s. Ratna Metal Mart to undergo three years Rigorous Imprisonment with fine of Rs. one lakh. The Court has also imposed a fine of Rs. one crore each on M/s. Varron Aluminium Pvt. Ltd., Pune and M/s. Varron Auto Comp Pvt. Ltd., Pune (both accused in the case).
CBI had registered the case on 23.02.2017 on a complaint from Bank of India in the matter of discounting 246 bills against Letter of Credit (LC) issued by Canara Bank, Deccan Gymkhana Branch, Pune to the tune of Rs.300 crore (approx.). It was alleged that the accused hatched conspiracy and in pursuance of the conspiracy, the Managing Director of both the companies, M/s. VAPL & M/s. VACPL got issued fraudulent Letter of Credit (LC) on 29.02.2016 through the then Chief Manager of Canara Bank, Deccan Gymkhana Branch, Pune. It was further alleged that 246 forged bills were submitted in the Bank of India and got the same discounted fraudulently in the name of the other co-accused companies. Further, the money received from these fraudulent transactions were again allegedly transferred to the accounts of M/s. Varron Group of companies and also dishonestly/fraudulently utilized for reducing their earlier liabilities with State Bank of India.
After investigation, a chargesheet was filed in the Court of Special Judge, CBI Cases, Pune against the accused.
The Trial Court found the accused guilty and convicted them.
