Ahmedabad: A CBI Court has convicted three individuals, Ankush Madhubhai Nakrani, proprietor of M/s. A-One International; Ashokbhai Manjibhai Katharotiya and Himmat Nagjibhai Vaddoriya, both directors of M/s. Jemish Textiles Pvt. Ltd., in a loan fraud case and sentenced them to three years’ imprisonment along with a fine of Rs. 50,000 each. The company M/s. Jemish Textiles Pvt. Ltd. has also been convicted and fined Rs. 50,000.

The Central Bureau of Investigation (CBI) registered the case on 20.11.2013 following allegations that Ankush M. Nakrani had submitted forged bills of entry and import-related documents claiming import of textile machinery by M/s. A-One International. Using these documents, he applied for a loan of about Rs. 2 crore from SIDBI, Surat, under the Technology Upgradation Fund (TUF) scheme and got the loan sanctioned.

Investigation revealed that Ankush Madhubhai Nakrani, in collusion with Ashokbhai Manjibhai Katharotiya and Himmat Nagjibhai Vaddoriya, misrepresented the machinery imported by M/s. Jemish Textiles Pvt. Ltd. to avail the loan fraudulently, thereby cheating the bank. The investigation established that no such machinery was imported and the diverted funds resulted in a wrongful loss of Rs. 63,12,474 to SIDBI, Surat, with a corresponding gain to the accused.

After completing the investigation, CBI filed a chargesheet on 31.12.2014 against the accused. Following the trial, the Court convicted and sentenced the accused persons and the company as per the provisions of law. DeshGujarat