7 months ago
3
A Special Court for CBI cases relating to banks and fiscal institutions convicted and sentenced a spouse of a backstage steadfast to seven- year-imprisonment for defrauding Canara Bank of implicit ₹4 crore aft obtaining loans done fraudulent means.
The Central Bureau of Investigation (CBI) registered a lawsuit connected September 24, 2010, based connected a written ailment by the Chief Vigilance Officer, Canara Bank, Bengaluru.
The allegation was that the accused obtained loans with mendacious and fabricated documents. T. Rajendran, past Chief Manager, Canara Bank, Kilpauk branch, Chennai, and K.S. Ashok, Valuer of Canara Bank, showed undue favour to the accused backstage companies and granted ₹4 crore loan.
The backstage companies — Afrina Steel Rolling Mills and Basheer & Co — were concern firms tally by Nazeer Ahmed (and his woman Fathima Rizwana) and Ashik Arafath.
During the trial, T. Rajendran and K.S. Ashok died and charges against them were abated. On completion of the trial, judgement was pronounced by the Court for CBI Cases and the 4 accused, including the 2 firms, were convicted and sentenced accordingly.
Fathima Rizwana was recovered not blameworthy and acquitted. Both the backstage firms, represented by Nazeer Ahamed, were sentenced to wage a good of ₹20 lakhs each.
Nazeer Ahmed was sentenced to acquisition rigorous imprisonment for 7 years and to wage a good of ₹40 lakhs.
Ashik Arafath was sentenced to undergo imprisonment for 1 twelvemonth and to wage a good of ₹20,000. The full good imposed connected each the accused is ₹80,20,000.
