New Delhi/Jalandhar, January 6, 2014: The ACMM, 19th Court Mumbai, has convicted Satish Ishwarbhai Desai(a private person) and sentenced him to undergo one year Rigorous Imprisonment with fine of Rs. 15,000 for causing an alleged loss of about Rs.1.41 crore to State Bank of India.
This case was registered on 19.11.2008 on the complaint from State Bank of India, Commercial & International Bank Ltd., Mumbai against Satish Ishwarbhai Desai U/s. 420, 468 & 471 IPC on the allegations that the accused had availed Cash Credit facility of about Rs.1.15 crore from the said branch by mortgaging the same property which had already been mortgaged with several banks and a private person, thereby causing a wrongful loss of about Rs.1.41 crore to the bank.
CBI investigation revealed that Satish Ishwarbhai Desai had given equitable mortgage of his two flats situated at a Co-op. Housing Society Ltd., Vile Parle, Mumbai to the bank. To substantiate the title of the property, he had submitted forged share certificate, forged maintenance receipt & NOC from said Housing Society. He had mortgaged the same properties with Canara Bank and a private person for availing loans. The same properties were used for mortgaging by the private person for availing home loans and credit facilities from Standard Chartered Bank, Kotak Mahindra Bank, Bank of India, SBI, Industrial Finance Branch & Citi Financial Consumer Finance (I) Ltd. on the strength of a Sale Agreement executed between accused and private persons in the year 2005. On completion of investigation, charge-sheet was filed against accused U/s. 120 B r/w. 420, 471 r/w. 468 IPC on 26.12.2008.
Date:
Monday, January 6, 2014