Mumbai News: Rigorous Jail For 4 In 20-Year-Old Central Bank Of India Fraud Case
It was also alleged that they diverted the funds for their personal gain and caused a loss of nearly ₹4.4 crore to the bank.

Mumbai News: Rigorous Jail For 4 In 20-Year-Old Central Bank Of India Fraud Case | Representative photo
Mumbai: The special CBI court has sentenced four persons to rigorous imprisonment of up to three years in connection with a 20-year-old bank fraud registered by Central Bank of India.
While Dinesh Maruti Kadakane, former proprietor of M/s Shree Gajanan Industries, has been sentenced to three years along with a fine of ₹5 lakh, guarantor Appa Tadoba Phadke has been sentenced to a year in jail with a fine of ₹1 lakh.
The 15-year-old case
The case was registered on March 25, 2009, with the bank alleging that Kadakane and Phadke, in collusion with a bank official and four others, cheated the bank while availing credit facilities on the basis of false and fabricated documents in 2002-23.
It was also alleged that they diverted the funds for their personal gain and caused a loss of nearly ₹4.4 crore to the bank. The charge sheet was filed in December 2020 against seven accused. During the trial, three accused died. Two others were not found guilty.
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