CBI court jails seven for 3 years in ₹7.8 crore bank fraud in Punjab

Chandigarh (The Uttam Hindu) : The Central Bureau of Investigation (CBI) court has convicted seven accused in the Rs 7.8 crore bank fraud case in Sahibzada Ajit Singh Nagar, Punjab and sentenced them to three years' imprisonment.

The main accused in the case, Manish Jain and Ramesh Kumar Jain, were sentenced to three years rigorous imprisonment (RI) and a fine of Rs 35,000 each, while the other accused, Rachna Jain, Bhupinder Singh, Pratipal Singh, Sanjeev Kumar Jain and Anita Jain, were sentenced to three years' imprisonment and a fine of Rs 15,000 each.

The case was registered on November 4, 2016, based on a complaint from Bank of Baroda. The complaint alleged that Manish Traders partners, Manish Jain, Ramesh Kumar Jain, and Kanta Jain, conspired with unidentified bank officials to commit a fraud of ₹7.83 crore. A CBI investigation revealed that this conspiracy resulted in a significant loss to the bank. Following the completion of the investigation, the CBI filed a charge sheet against seven accused in the case on June 28, 2017. The court, after examining all the evidence and hearing witnesses, sentenced the accused.

CBI officials stated that the primary objective of the accused in this case was to defraud and harm the bank through a conspiracy. The court delivered its verdict based on a thorough investigation and charge sheet, sentencing all accused to three years in prison and imposing fines. However, the fines and strict surveillance have made further action against the accused possible. The CBI stated that it will continue to conduct rigorous and impartial investigations in such cases in the future.