PNB Fraud: 3 Retired Bank Officials and 5 Surat Businessmen Sentenced for ₹1.5 Crore Loan Scam The Central Bureau of Investigation (CBI) court in Surat on Friday convicted three retired officials of Punjab National Bank (PNB) and five businesspersons from Surat in a major bank fraud case. The case revolves around a ₹1.5 crore loan scam involving fake documents, where the accused defrauded the bank of over ₹156.98 lakh. The convictions mark the culmination of a multi-year investigation that began in 2016. The accused individuals included retired PNB officials Gurinder Singh, KGCS Iyer, and KE Surendiranath, along with five private individuals: Sanjay Nagji Patel, Satish Nagji Davra, Hitesh Domadiya, Vaishali Davra, and Ramila Bhikadiya. The court sentenced the retired officials to rigorous imprisonment (RI) for two years and imposed fines of ₹1 lakh each. The businessmen received varying prison terms and fines, with Davra, Domadiya, and others facing penalties ranging from ₹50,000 to ₹1 lakh. The court also fined Jalpa Enterprise Pvt. Ltd. ₹50,000. The fraud began in 2011 when Shailesh Bhikha Satasiya, proprietor of Shree Kali Textiles, applied for a term loan of ₹370 lakh and a cash credit limit of ₹40 lakh. The loan was intended for purchasing 44 water jet loom machines and funding general business operations. The credit facilities were sanctioned by PNB officials, including then-senior manager KE Surendiranath and chief manager KGCS Iyer, under the guidance of retired assistant general manager Gurinder Singh. The primary security for the loans was the 44 machines, supported by collateral in the form of plots and residential flats. However, the CBI investigation revealed that the accused submitted forged documents to secure the loan.#punjab_national_bank #cbi #surat #shree_kali_textiles #jalpa_enterprise_pvt_ltd
