CBI court awards 3 years jail term to 4 persons in Rs 70 mn bank fraud case

The judge sentenced jewellery businessman Naresh Choksi and chairman of Classic Co-operative Bank Limited, Suresh Gatecha

A special CBI court here has awarded three years rigorous imprisonment to four persons in a Rs 70 million bank fraud case.

Special Judge J K Pandya recently sentenced former bank manager of Punjab National Bank, Shrikant Khatavkar and then manager of Classic Co-operative Bank Limited, Dinesh Turakhia, to three-year rigorous imprisonment.

He also slapped a fine of Rs 5,000 each on the two.

The judge also sentenced jewellery businessman Naresh Choksi and chairman of Classic Co-operative Bank Limited, Suresh Gatecha, to three years rigorous imprisonment and imposed Rs 15,000 fine each on the two.

In a charge-sheet filed in January, 2002, the CBI had said Khatavkar and others cheated the Punjab National Bank to the tune of Rs 70 million by issuing and discounting pay orders worth Rs 100 million without any balance in the account of M/s K.L. Choksi on the basis of false and fictitious bills.

They were booked under sections 120-B (criminal conspiracy), 420 (cheating), 477-A (falsification of accounts) of IPC and other relevant sections of the Prevention of Corruption Act, 1988.