A special CBI court in Ahmedabad has convicted six individuals and a Surat-based private company, M/s Jalpa Enterprises Pvt. Ltd., in a bank fraud case that caused wrongful losses of more than ₹8.48 crore to Bank of Baroda.
The verdict, delivered on November 14, follows an investigation that began over eight years ago. 
The convicted individuals include Sanjay Nagjibhai Patel (Davara), Director of Jalpa Enterprises; Sangeeta Sanjay Patel; Satish Nagjibhai Davara; and Nanubhai Arjanbhai Moradiya, who acted as mortgagors and guarantors for the firm. 
Also convicted were Vipul Nrottambhai Ramanuj and Mitul D. Vaghasiya, Directors of Shree Ram Weave Tech, Surat.
The court sentenced all six to three years&rsquo; imprisonment and imposed a fine of ₹25,000 each. 
The company was fined an additional ₹25,000, bringing the total penalty to ₹1.75 lakh.
The case was registered on April 1, 2017, after allegations surfaced that Sanjay Patel and Sangeetaben Patel had fraudulently secured a term loan of ₹12.90 crore and cash-credit facilities of ₹2 crore from the Small and Medium Enterprise Loan Factory (SMELF) of Bank of Baroda in Surat. 
The loan was sanctioned for installing 60 air-jet weaving machines and meeting working-capital needs, backed by plant and machinery, stock, book debts, and personal guarantees.
Investigators found that the accused diverted loan funds instead of using them for the sanctioned purpose, resulting in significant losses to the bank. 
A charge-sheet was filed on December 30, 2017.
&ldquo;Investigation established that the accused persons entered into criminal conspiracy and cheated the Bank of Baroda, SSI Sachin Branch, Surat by diverting the funds of the bank for not using the same for the purpose for which the loan was sanctioned and thereby caused wrongful loss of Rs. 8,48,20,000/- to Bank of Baroda and corresponding wrongful gain to themselves,&rdquo; the agency said.
During the trial, charges against Shailesh Bhikhabhai Satasiya, Director of Shree Kali Yam, were abated following his death.
The convictions, the agency noted, underscore efforts to ensure accountability in cases of financial misconduct.
&mdash;IANS&nbsp;

Six accused escorted after bank fraud conviction

CBI court jails six, fines Surat firm for diverting loan funds in ₹8.48 crore bank fraud

Six, Firm Convicted In ₹8.48 Cr Bank Fraud

CBI court jails six, fines Surat firm for diverting loan funds in ₹8.48 crore bank fraud

November 16, 2025 | 24:12 IST