Face2News/Ahmedabad,
The CBI Court, Ahmedabad, on 08.09.2026, has convicted and sentenced a private company, namely, M/s Kushal Diamonds Ltd., its Chief Managing Director, Bakul Zaveri, and Director, Mazhar S. Kapadia, in a case of criminal conspiracy and cheating. The Hon’ble Court, has imposed a fine of Rs. 30 Lakh on the private company, namely M/s. Kushal Diamonds Ltd.. The accused Bakul Zaveri and Mazhar S. Kapadia have been sentenced to Rigorous Imprisonment (RI) for Five Years with a fine of Rs. 30 Lakh each.
The Central Bureau of Investigation (CBI) registered the instant case on 15.03.2000 against Virendra Kumar Sawhney, Rohit Dhingra, and Ram Avatar Agarwal (all Public Servants at National Small Industries Corporation (NSIC), Ahmedabad). It was alleged that V.K. Sawhney, the then Joint Director, Rohit Dhingra, Joint Manager (Finance) and Ram Avatar Agarwal, the then Regional General Manager entered into criminal conspiracy with Directors of M/s Kushal Diamonds Ltd., Mumbai.
The investigation revealed that the NSIC had disbursed funds to M/s. Kushal Diamonds Ltd., under Bill Discounting Facility and Raw Material Assistance Scheme to the tune of Rs.2,34,85,081. Out of the said amount, funds disbursed but adjusted against past outstanding, payments received by cheque/DD, payments received from overseas buyer and amount of earnest money deposit adjusted were to the tune of Rs. 1,34,88,717 and the final outstanding amount from M/s. Kushal Diamonds Ltd., as on 31.03.1996, was Rs.99,96,364 and the said amount was wrongful loss to NSIC Ltd..
After completion of investigation, the CBI filed chargesheet on 08.01.2002 against 08 accused, including the accused private company, namely, M/s. Kushal Diamonds Ltd., its Three Directors, namely, Bakul Zaveri, Mazhar S. Kapadia, Subhash Chhanana, and Four public servants of NSIC, namely, Virendra Kumar Sawhney, Rohit Dhingra, Ram Avatar Agarwal and Rajesh Arora.
The Hon’ble Court, after the trial, convicted and sentenced the accused, accordingly. The public servants, namely, Virendra Kumar Sawhney, Rohit Dhingra, Ram Avatar Agarwal and Rajesh Arora have been acquitted from the charges leveled against them.
The accused Private person Subhash Chhanana expired during the trial and the case against him was abated by the Hon’ble Court.
