CBI Court convicts 6 individuals and private firm in Rs8.48 Crore bank fraud case

Ahmedabad: The CBI Court in Ahmedabad has convicted six individuals and M/s Jalpa Enterprises Pvt. Ltd. in a major bank fraud case involving the diversion of loan funds sanctioned by Bank of Baroda. All six accused have been sentenced to three years’ imprisonment along with a fine of Rs 25,000 each, while the company has also been fined Rs 25,000, bringing the total penalty to Rs 1,75,000. Convicted Those convicted include: Sanjay Nagjibhai Patel (Davara), Director, M/s Jalpa Enterprises Pvt. Ltd, Sangeeta Sanjay Patel, Satish Nagjibhai Davara, Mortgagor/Guarantor, Nanubhai Arjanbhai Moradiya (Mortgagor/Guarantor), Vipul Nrottambhai Ramanuj, Director, M/s Shree Ram Weave Tech, Mitul D. Vaghasiya, Director, M/s Shree Ram Weave Tech CBI registered case The CBI had registered the case on 1 April, 2017, alleging that the directors of Jalpa Enterprises fraudulently obtained a term loan of Rs 12.90 crore and cash credit of Rs 2 crore from the SME Loan Factory of Bank of Baroda, Surat, purportedly for installing 60 air-jet weaving machines. Investigation revealed Investigation revealed that the accused entered into a criminal conspiracy, diverted the sanctioned funds, and failed to use them for the stated purpose, resulting in a wrongful loss of Rs 8.48 crore to the bank. The charge-sheet was filed on December 30, 2017, after which the trial commenced. The court found the accused guilty based on evidence and records submitted by the CBI. One additional accused, Shailesh Bhikhabhai Satasiya, Director of M/s Shree Kali Yam, Surat, passed away during the trial, leading to abatement of charges against him.