Pvt firm director gets 3-yrs RI in overdraft facility scam

A special court today awarded three years of rigorous imprisonment on the director of a private firm and imposed a fine of Rs 4.5 lakh after finding him guilty in a 25-year-old bank overdraft facility scam.
Special CBI Judge B K Paloda found the director of the firm Ravindra Pandit (55) guilty of taking undue advantage by availing overdraft facility of Bank of India's Rambagh area branch here by furnishing forged documents under section 420 (cheating) and other relevant sections of IPC.
"Seven years ago, the court had convicted Bank Manager A K Khare for conniving with Pandit between 1988 and 1990 to commission the racket," CBI public prosecutor Rahul Mishra said.

Thereafter, the court had declared Pandit a proclaimed absconder as he did not appear before it during the hearings.
The director was arrested in Mumbai two years ago and produced before the court, which after examining 12 witnesses, handed down three years RI to him.