MUMBAI: Twenty fours years after State Bank of India (SBI) was cheated of Rs 98 lakh through cheque fraud and forgery, a special CBI court on Wednesday convicted four persons, including its then branch manager, saying the victim in the case is the "national economy".
Former bank employee, Abid Vohra (70), was sentenced to four years rigorous imprisonment (RI) and fined Rs 3.5 lakh while Bhayandar businessman Ashok Bhansali (53) was sentenced to five years RI and fined over Rs 3 crore. Two others, Rizwan Patel (57) and Sadiq Patel (78), were sentenced to three years RI and fined over Rs 30 lakh each. While one person was acquitted, two others are absconding and three died during the pendency of the trial.
CBI's special public prosecutors, Jitendra Kumar Sharma and Chetan Nandode, cited the evidence of 37 witnesses to seek conviction of the accused. Finding the accused guilty, S U Wadgaonkar observed, "The economic offences have serious consequences affecting the economy and financial health of the country. It does not affect just one individual, the victim is the national economy."
In its 64-page judgement copy, the court said that between 1997-98, the accused committed "a pure fraud on the SBI on the basis of fictitious persons and documents." The court said this was done with no security to recover the amount. "The value of said fraud as on today is Rs 8 to Rs 10 crore," the court said.
It further said that accused Rizwan Patel and Sadiq Patel are minimal beneficiaries as compared to Bhansali. "Accused No.1 (Vohra), a public servant receiving attractive salary from a nationalised bank, with dishonest intention allowed accused to cause huge loss to the public money," the court said.
The court refuted the defence that Vohra did not obtain any valuable items or pecuniary advantage for himself. The court said it was not necessary for a public servant to obtain pecuniary advantage for himself. "If the act of public servant allows to obtain pecuniary advantage for accused No 3 (Bhansali) 4 (Rizwan) and 6 (Sadiq), it suffices to attract the offence made out against him."
The court pointed out that with dishonest intention, Vohra allowed the cheques to be credited without sufficient funds. It further said that he also got a loan of Rs.78.28 lakh sanctioned in the name of 17 fictitious persons, and the amount was transferred in the accounts of the trio and a now deceased accused to cover up the dues arising out of illegal clearance of cheques.
"This act clear cut constitutes the ingredients of criminal breach of trust..," the court said.
