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A special CBI court in Mumbai found seven people, including a former employee of the State Bank of India (SBI), guilty of a loan fraud case in 2008.
The court announced the accused’s imprisonment for five to one year and fined him up to Rs 230,000.
The proceedings relate to a complaint filed by SBI in 2008 in connection with a loan available from the State Bank of India’s Opera House branch.
Nargis Rusi Divendry, another name for one of the defendants, Zarina Bataliwala, applied for a loan of Rs 125 million from SBI’s opera house branch in 2008. The branch manager handed the loan documents to the bank’s field officer and chief manager. The document was verified by them and transferred to a credit processing cell, where it was checked by two other staff members.
SBI said banking officials overlooked the document discrepancies and granted the loan without due care. SBI said the entire amount was diverted without being ultimately used.
Who was convicted
On Monday, Batariwala was convicted of cheating and criminal conspiracy and sentenced to five years in prison. Bataliwala was previously convicted by another court in this case and has been in judicial detention for 11 years. Batariwara has been detained since 2011 and will be offset.
One of the accused has died. Another defendant was acquitted and the court gave him a suspicious benefit.
Neira Samant, then assistant general manager of SBI’s opera house branch, and deputy manager Nando Kumar Kalnik were sentenced to one year in prison. Samant was fined Rs 230,000 for each breach.
Utsav Prasad, then CSO, was sentenced to three years in prison and fined Rs 230,000.
RamMore, the annual meeting at the time, was sentenced to three years in prison and fined Rs 230,000.
Jayant Bijapurkar, then vice president (credit), was sentenced to two years in prison and fined 200,000 rupees.
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