The Special Judge for CBI cases in West Lucknow has delivered a verdict in a significant bank fraud case, sentencing four individuals for their roles in a Rs. 6.8 crore scam. The individuals convicted include Pankaj Khare, formerly a Deputy Chief Manager at the Bank of India, and two private citizens, Rajesh Khanna and Shamshul Haq Siddiqui. Each has been sentenced to three years in prison and fined Rs. 1.25 lakh. Additionally, the involved private entity, M/s Anita Contractor and Construction Private Limited, has been fined Rs. One lakh.
The Central Bureau of Investigation (CBI) took up the case on July 9, 2008, following a complaint from the Assistant General Manager of the Bank of India’s main branch in Hazratganj, Lucknow. The complaint detailed that between 2004 and 2006, the accused had conspired criminally with others to defraud the bank. They reportedly secured a cash credit facility by presenting forged work orders that did not actually exist, submitted falsified property documents to establish an equitable mortgage, and misappropriated the funds for purposes other than those originally approved, resulting in a substantial financial loss to the bank and an equivalent gain to themselves.
Following an in-depth investigation, the CBI filed a chargesheet on December 23, 2009, against several individuals and the company. These included Anita Jain, Managing Director of M/s Anita Contractor and Construction Private Limited; Mohd. Isteyaq Khan, a private individual; Pankaj Khare; Poonam Sinha, another private individual; Prem Prakash Asthana, Chief Manager at Bank of India; Rajesh Khanna; Shamshul Haq Siddiqui; Sudhir Kumar Jain, Proprietor of M/s Jamuna Construction Company and Director of M/s Anita Contractor and Construction Private Limited; and the company itself represented through Anita Jain.
The trial concluded with the conviction and sentencing of the accused as previously mentioned. However, the proceedings against Prem Prakash Asthana and Smt. Poonam Sinha were discharged by the trial court. Additionally, two of the accused, Sudhir Jain and Mohd. Isteyaq Khan, passed away during the trial. The court acquitted Smt. Anita Jain from all charges, citing the benefit of the doubt.
This case highlights the ongoing challenges and complexities involved in tackling bank fraud, underscoring the critical role of diligent legal and investigative processes in upholding financial ethics and accountability.
