Mumbai: A special court has sentenced nine persons, including five senior citizens, to three years in jail under the Prevention of Corruption Act (PCA), for cheating Bank of Maharashtra’s Bandra branch in 2006-07 and causing a loss of Rs7.5 crore. Finding them guilty of cheating and conspiracy, the court said that the accused persons defrauded public money and caused a dent in the spine of the nation. The court also imposed a fine of Rs5 crore, including Rs4.5 crore as compensation to the bank.
Those sentenced are Dileep Deshande, 74, the assistant general manager (AGM) of the bank at the time, Mukesh Shah, 63, Shreyansh Sheth, 44 (both directors of the accused firm SPL Technochem Ltd). Also sentenced are Dhumil Sheth, 53, Vilesh Sheth, 40, Hasmukh Sheth, 70, Vinod Sheth, 75, and Manoj Shah, 69 (associated with sister concerns of the company).
Judges: Misplaced sympathy will send wrong signal
The accused had sought leniency on the grounds of their age and said that they had spent a major part of their productive years in litigation. Special CBI Judge SP Naik-Nimbalkar said a flea-bite sentence, misplaced sympathy and unwarranted leniency will send a wrong signal to society. It noted also that it is an economic offence committed by white collar criminals.
The FIR in connection with the fraud was lodged in 2009 by the regional manager of the bank. He had complained of a fraud of Rs2.69 crore and interest of Rs1.04 crore. The loss to the bank was calculated taking into consideration the interest over 15 years. The trial commenced in 2015 and the prosecution examined as many as 33 witnesses during the course of trial.
As per the complaint, the company had obtained credit of Rs2.10 crore through fraudulent means. Its directors had submitted false high personal net worth and also submitted false statements of book debts. The AGM Deshpande did not inform the sanctioning authority that associate companies of the firm had already availed loans from it. The firm defaulted on the loan and the account was termed a non-performing asset.
The court said that it is in the evidence that the accused have siphoned the amounts and used for personal and business use; the modus operandi has certainly jeopardised the fiscal interests of the bank inter-alia the nation, when perceived in the larger canvas.
