THREE YEARS RIGOROUS IMPRISONMENT TO THEN BRANCH MANAGER OF PUNJAB NATIONAL BANK AND THREE OTHERS IN A CHEATING CASE

The Special Judge, CBI Cases, Ahmedabad (Gujarat) has sentenced Shri Shrikant Raghunath Khatavkar, then Branch Manager, Punjab National Bank, Maskati Market Branch, Ahmedabad & Shri Dineshbhai Amichandbhai Turakhia, then Manager, Classic Co-operative Bank Ltd., Usmanpura, Ahmedabad, both to undergo three years Rigorous Imprisonment with fine of Rs. 5,000/- each and Shri Naresh Kumar Choksi, Proprietor of M/s. K.L. Choksi, Ahmedabad & Shri Suresh Ugarchand Gatecha, then Chairman, Classic Co-operative Bank Ltd., Usmanpura, Ahmedabad, both to undergo three years Rigorous Imprisonment with fine of Rs. 15,000/- each in a Bank fraud case.

CBI had registered a case against Shrikant Raghunath Khatavkar, then Branch Manager, Punjab National Bank, Maskati Market Branch, Ahmedabad and others. It was alleged that Shri Shrikant Raghunath Khatavkar in criminal conspiracy with Private Person and others, had cheated Punjab National Bank to the tune of Rs.7 crore by issuing & discounting pay orders worth Rs.10 crore without any balance in the account of M/s K.L. Choksi on the basis of false/fictitious bills.

After investigation, a chargesheet was filed U/s 120-B, 420, 477-A of IPC & Section 13(2) r/w 13(1) (d) of PC Act, 1988 against the accused persons in the Designated Court at Ahmedabad on 08.01.2002. The Trial Court found the accused guilty and convicted them.