Mumbai Crime: Special Court Convicts 10 In ₹87.8 Lakh CBI Bank Fraud Case
· Free Press Journal
Mumbai, March 24: A special court has convicted 10 people, including a bank manager, in a ₹87.8 lakh fraud case registered by the CBI in 2006. The accused fraudulently obtained 17 home loans from the Central Bank of India in 2004.
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Brothers sentenced to five years
The prosecution stated that brothers Kashinath Jadhav, 65, and Ganesh Jadhav, 63, opened a bank account for Shreeram Sthapatya Construction. The duo was sentenced to five years of imprisonment and fined ₹20 lakh and ₹15 lakh, respectively.
Bank officials involved in conspiracy
The conspiracy involved bank officials Shree Narayan Mathur, M P Shastry and Junaid Ibrahim. While Mathur and Ibrahim died pending trial, Shastry was convicted on corruption charges.
Along with absconding accused Sajjad Mohd Ghandlawala, they used 17 fabricated sale agreements with forged signatures to clear loans. The bank officers ignored mandatory guidelines, allowing the loan amounts to be misappropriated through accounts opened by Kashinath.
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The court also convicted seven individuals named as flat purchasers – Iqbal Khan, Kishore Panvekar, Deepak Shah, Kavitha Duggal, Sanjay Jain, Keyur Jain and Ashok Bhandare. Though they were not the actual owners, they were found guilty of being part of the conspiracy and sentenced to one year of imprisonment.
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