In a significant judgment, the Special Judge for CBI Cases, Court No. 01, Ahmedabad, has sentenced 15 accused, including Becharbhai Ganeshbhai Zala, former Branch Manager of State Bank of Saurashtra, Naroda Road Branch, Ahmedabad, along with 14 private individuals, to rigorous imprisonment ranging from 3 to 5 years. The court also imposed a cumulative fine of Rs.15.35 lakh on the convicts.
The case, registered by the CBI on September 11, 2001, alleged that Mr. Zala, abusing his position as a public servant, conspired with private individuals to fraudulently sanction housing loans amounting to Rs.1.62 crore. These loans were approved based on forged and false documents, without proper verification of borrower eligibility.
Following a detailed investigation, the CBI filed nine separate charge sheets. The court has delivered judgments in five cases, while proceedings in the remaining are ongoing. Notably, charges against nine accused were abated due to their demise during the trial.
After careful consideration of evidence and arguments, the court found all 15 accused guilty and delivered sentences accordingly, reinforcing accountability in financial misconduct cases involving public institutions.
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Ahmedabad city civil and sessions court premises (file photo)

Ahmedabad CBI Court delivers verdict in housing loan scam; ex-bank manager, 14 others convicted

CBI Court Sentences 15 in Rs.1.62 Cr Bank Fraud

Ahmedabad CBI Court delivers verdict in housing loan scam; ex-bank manager, 14 others convicted

December 21, 2024 | 17:27 IST