INVC NEWS
New Delhi,
The Special Judge, Mumbai (Maharashtra) has sentenced Sh. Dipendra Nanubhai Upadhyay, then Assistant General Manager, Central Bank of India, Andheri (East), Mumbai; Sh.Bharat Chaturbhuj Vedant, then MD, M/s. Ashapura Garments Pvt. Ltd., Mumbai; Sandeep Ramesh Vedant, Office Assistant, M/s. Ashapura Garments Pvt. Ltd., Mumbai; Sh. Mahesh Lalchand Jaiswal, Chartered Accountant and Sh. Sandesh Ramchandra Nage, all accused to undergo five years Rigorous Imprisonment with fine of Rs. 10,000/- each in a CBI case.
CBI had registered a case on 23.02.2004 U/s. 120-B r/w 420, 467, 468 & 471 of IPC & Section 13(1)(d) of PC Act, 1988. It was alleged that during 2001, the Bank officials had conspired with Sh. Bharat C. Vedant in the release of funds against various credit facilities, and corresponding illegal gains to three firms of Sh. Bharat C. Vedant. It was further alleged that fake documents were given to the bank as securities. An alleged loss of Rs. 9.62 crore (approx) was caused to Bank. A chargesheet was filed on 01.12.2004.
After a trial, the Designated Court convicted the said accused persons.
