A special CBI court in Mohali has sentenced Mandi Gobindgarh businessman Sameer Dua to three years of rigorous imprisonment and imposed a fine of Rs 15,000 for his involvement in a Rs 4 crore bank fraud case. The case pertains to GD Ispat Udyog, a firm that conspired to fraudulently obtain a cash credit limit of Rs 4 crore from the Indian Overseas Bank's Mandi Gobindgarh branch. The syndicate submitted forged and misleading financial documents to secure the credit facility, causing substantial losses to the public sector lender.
Investigation and Evidence
The Central Bureau of Investigation (CBI) initiated the probe in 2018 following a formal written complaint from the bank's Chief Regional Manager in Ludhiana. During the investigation, CBI officials conducted raids at Dua's residential premises in Khanna and his business offices in Mandi Gobindgarh. These raids yielded incriminating documents that established the forgery and conspiracy behind the fraudulent loan scheme.
Legal Proceedings and Verdict
Sameer Dua's father and business partner, co-accused Dalip Kumar Dua, passed away during the course of the legal proceedings, leading to the abatement of the case against him. Upon the conclusion of the trial, the special court found Sameer Dua solely guilty of executing the fraudulent loan scheme. The court sentenced him to three years of rigorous imprisonment along with a fine, emphasizing the severity of financial crimes that undermine the banking system.
