A special CBI-ACB court in Pune on Tuesday sentenced a businessman-borrower and a bank credit manager to three years of rigorous imprisonment (RI) in a case related to the illegal sanction and disbursement of a Rs50 lakh cash credit facility at the Central Bank of India's Pimpri branch between 2010 and 2011.
The court later granted both accused bail to enable them to file an appeal before a higher court.
Case Background
The case originated from an FIR registered in February 2016 based on a complaint filed by a bank official alleging fraud in loan accounts. According to the prosecution, businessman Rajesh Shishupal Panghal, in conspiracy with bank officials including the then-branch head (since deceased) and credit manager Nandkishor Khairnar, obtained a cash credit facility in the name of M/s Nitesh Pressing by submitting forged documents. These included an agreement related to a flat shown as collateral security and fabricated financial records in 2010.
Loan Misuse and NPA
The prosecution argued that the loan amount was not utilized for the sanctioned purpose. Upon inspection, no stock was found at the business premises. The account subsequently turned into a non-performing asset (NPA), resulting in a loss of Rs52.74 lakh to the bank.
Defense and Verdict
In his defense, Panghal claimed false implication, while Khairnar argued that he had acted in the course of official duties and had no role in any alleged fraud or conspiracy. The court, after reviewing the evidence, held that the offense of criminal conspiracy read with cheating was proven. Panghal was found guilty under sections 420 (cheating), 468 (forgery for purpose of cheating), and 471 (using forged document as genuine) of the Indian Penal Code (IPC). Khairnar was convicted for conspiracy read with cheating and for criminal misconduct under section 13(1)(d) read with section 13(2) of the Prevention of Corruption Act.
The sentencing underscores the judiciary's stance against financial frauds involving bank officials and borrowers.
