Ahmedabad: A CBI court in the city has convicted and sentenced four private individuals—Manojbhai B. Tanti, Pareshbhai M. Tanti, Poorva Pareshbhai Tanti and Lilavanti M. Tanti, partners of M/s P.M. Marketing, Ahmedabad—to three years’ imprisonment, along with a fine of Rs 50,000 each, in a bank fraud case.

The Central Bureau of Investigation (CBI) registered the case on September 30, 2008, on allegations that the accused, acting in criminal conspiracy and with mala fide intent, submitted fabricated financial statements to obtain a cash credit facility of Rs 3 crore from Bank of Baroda. The accused allegedly suppressed the fact that they had already availed a cash credit facility from the State Bank of India, thereby causing a wrongful loss of Rs 3.48 crore to Bank of Baroda and a corresponding wrongful gain to themselves.

The investigation established that the partners of M/s P.M. Marketing secured the cash credit facility from Bank of Baroda by submitting fabricated financial statements. It further revealed that the accused, in conspiracy with officials of the State Bank of India, concealed the existence of the earlier cash credit facility before availing the loan from Bank of Baroda.

After completion of the investigation, the CBI filed a charge sheet against the accused on December 11, 2009.

Following the trial, the court convicted and sentenced all four accused accordingly. DeshGujarat