A Central Bureau of Investigation (CBI) special court in Ahmedabad has sentenced three former officials of Punjab &amp; Sind Bank&rsquo;s Surat branch to three years of rigorous imprisonment in connection with a bank fraud case. 
The convicted officials&mdash;KR Goyal alias Kulwant Rai and Rakesh Behl, both then managers, and Shiv Ram Meena, then officer&mdash;were also fined a total of ₹15 lakh (₹5 lakh each).
The case, registered by the agency on November 7, 2002, alleged that the accused bank officials, in collusion with private individuals, orchestrated a fraudulent scheme between 2000 and 2002. The fraud, involving irregular transactions and unauthorized cheque discounting, caused a wrongful loss of ₹80.6 lakh to the bank.
The Modus Operandi
Investigations revealed that the accused officers dishonestly facilitated financial transactions for private firms&mdash;M/s Satyam Dalal, M/s Mercury Garments, M/s Moon Textiles, and M/s Desai Dalal &amp; Co. They allowed the purchase and discounting of accommodation cheques of large amounts drawn on accounts of sister concerns, violating banking norms.
The bank officials permitted high-value payments against uncleared instruments, exceeding their delegated authority, and deliberately concealed these transactions from their controlling office. They also failed to obtain mandatory post-facto approval from senior bank officials.
Trial and Conviction
After a thorough investigation, the CBI filed a chargesheet on March 31, 2004. The trial, which examined 30 prosecution witnesses and relied on 281 documents, concluded with the court finding the accused guilty.
A special CBI court sentenced them to three years of rigorous imprisonment, along with a cumulative fine of ₹15 lakh.
This conviction underscores the authorities&rsquo; commitment to cracking down on financial fraud and ensuring accountability within the banking sector.
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Accused dishonestly facilitated financial transactions for private firms

Accused were involved in fraudulent scheme; caused loss of ₹80.6L to Punjab & Sind Bank

3 Bank Officials Get Three Years for Fraud

Accused were involved in fraudulent scheme; caused loss of ₹80.6L to Punjab & Sind Bank

February 28, 2025 | 19:58 IST