CBI COURT SENTENCES PROPRIETORS OF TWO PRIVATE COMPANIES TO THREE YEARS RI IN BANK FRAUD CASE OF OVER RS. 5.5 CRORE

Face2News/Pune

The CBI Court, Pune, on Monday, has convicted and sentenced two private persons, namely, Chandrakant Lodha, Proprietor of M/s Chandrakant S Lodha & Co. and Paresh Thakkar, Proprietor of M/s Thakkar and Sons to Rigorous Imprisonment for Three Years in a bank fraud case.

The Central Bureau of Investigation (CBI) registered the instant case on 09.10.2001 against B R Dagde, the then Branch Manager, State Bank of Hyderabad, V. L. Kale, the then Assistant Manager, State Bank of Hyderabad, Chandrakant Lodha and Paresh Thakkar, based on the complaint filed by State Bank of Hyderabad. It was alleged that the accused persons, with an object to cheat the bank, used to deposit high-value cheques, which were allowed without awaiting its clearance by the bankers.

Investigation revealed that in furtherance to the criminal conspiracy, the accused Chandrakant Lodha being the Proprietor of M/s Chandrakant S Lodha & Co., deposited 18 high-value accommodative cheques amounting to Rs 6.75 Crore issued by the accused Paresh Thakkar from his proprietorship account maintained in the Nashik People’s Cooperative Bank, which were passed by the bankers.

Subsequently, Vinod Kale with the approval of B R Dagde authorized withdrawals by allowing Chandrakant Lodha to issue high value cheques on his current account, even before the fate of the cheques could be known. In this manner, Chandrakant Lodha, issued cheques in his own name and that of his associate concerns e.g., M/s A C Enterprises, M/s Akshay Traders, and thereby caused wrongful loss to the tune of Rs.5.58 Crore to the Bank.

After completion of investigation, CBI filed chargesheet on 28.08.2003 against B.R. Dagde, the then Branch Manager, V.L.Kale, the then Assistant Manager, Chandrakant Lodha and Paresh Thakkar.

In the year of 2025, the instant case was transferred from Nashik to Pune Court, pursuant to the re-organisation of the jurisdiction of CBI courts in the State of Maharashtra.

The Hon’ble Court, after trial, convicted and sentenced the accused two private persons accordingly. B R Dagde, the then Branch Manager, State Bank of Hyderabad and V. L. Kale, the then Assistant Manager, State Bank of Hyderabad, were acquitted of all charges.