Ahmedabad, Nov 15 (Representative) The Special CBI Court in Ahmedabad, Gujarat on Monday sentenced three people, including then Senior Manager of Punjab National Bank, to five years imprisonment for causing loss of Rs 40 lakh to PNB Ambawadi Branch, here. The Special Judge of CBI sentenced Sanjiv Kamlakar Inamdar, then Senior Manager of PNB to undergo five years imprisonment with fine of Rs 7.5 lakh, while proprietors Mayank Bachubhai Shah and Rikin Bachubhai Shah were sentenced to five years imprisonment with fine of Rs 7 lakh each, CBI said in a statement here.
The agency had registered a case on December 2, 2004, against the then Chief Manager of PNB and others. The then Chief Manager had allegedly sanctioned cash credit (Hypothecation) facility of Rs 40 lakh to Mayank Shah, private firm in conspiracy with other accused on the basis of forged documents, without carrying out physical verification of the immovable property that allegedly loss of Rs 40 lakh was caused to the Bank, said the agency. After investigation, a charge sheet was filed on October 6, 2006 against the accused. During the trial, two accused, including then Chief Manager expired, claimed CBI. The Trial Court found the accused guilty and convicted them. Two accused were acquitted by the Court.