Chandigarh: A Special CBI Court in Mohali, Punjab, has convicted and sentenced Samir Dua, a partner of M/s G.D. Ispat Udyog, Mandi Gobindgarh, to three years of rigorous imprisonment (RI) along with a fine of Rs 15,000 in connection with a multi-crore bank fraud case, an official statement said on Friday.
The sentence was pronounced on June 4, following the conclusion of trial proceedings in the case investigated by the Central Bureau of Investigation (CBI).
According to the CBI, the case was registered against Dalip Dua and Samir Dua, partners of M/s G.D. Ispat Udyog, along with other accused, for allegedly entering into a criminal conspiracy to defraud Indian Overseas Bank’s Mandi Gobindgarh branch in Punjab.
The investigation revealed that the accused had fraudulently secured a cash credit limit of Rs 4 crore from the bank by submitting false and fabricated information and documents.
The loan facility was allegedly obtained through misrepresentation, causing a wrongful loss to the bank and corresponding unlawful gain to the accused, the agency said.
Following a detailed investigation, the CBI filed a charge sheet against the accused persons before the competent court. During the trial, the prosecution presented evidence establishing the fraudulent nature of the transactions and the conspiracy behind obtaining the credit facility.
After examining the evidence and hearing the arguments, the Special CBI Court found Samir Dua guilty and sentenced him to three years of rigorous imprisonment. The court also imposed a monetary penalty of Rs 15,000.
Proceedings against co-accused Dalip Dua were abated due to his death during the pendency of the case.
The conviction marks the culmination of the CBI’s investigation into the bank fraud, underscoring the agency’s efforts to prosecute financial crimes and hold those responsible for defrauding public sector banks accountable.
(IANS)
