Five to seven years rigorous imprisonment to eight accused including managing partner of a private firm in a cheating case
The Special Judge, CBI cases, Ernakulam (Kerala) has sentenced Shri M.R. Somaraj N Nair, Managing partner of M/s Greenwood India, Cochin to undergo 07 years Rigorous Imprisonment with fine of Rs.75 lakh; Shri Anantha Narayanan Bhat, Partner of M/s Greenwoods India, Cochin to undergo 06 years Rigorous Imprisonment with fine of Rs.75 lakh; Shri K.N. Ramachandran (Business man) to undergo 06 years Rigorous Imprisonment with fine of Rs. 40 lakh; Shri Biju George, (Business man), to undergo 05 years Rigorous Imprisonment with fine of Rs.40 lakh; Shri Paul Anthony Adhav (Business man), to undergo 06 years Rigorous Imprisonment with fine of Rs. 30 lakh; Shri Ajay Baburao Kad, (Business man), to undergo 06 years Rigorous Imprisonment with fine of Rs. 3 lakh; Shri Raja Chandrasekhar Khara (Business man), to undergo 06 years Rigorous Imprisonment with fine of Rs.2 lakh and Shri Kailash Ankushbhai Wadkar (Businessman), to undergo 06 years Rigorous Imprisonment with fine of Rs. 2 lakh.
CBI had registered the case on the allegations that M/s Greenwoods India, through its Partners, Shri Somaraj N Nair and Shri Anantha Narayana Bhat during May to September 2011 entered into a conspiracy with other 6 private persons to cheat SBI Global Factors Limited (SBIGFL), a public sector company of Govt. of India and fraudulently opened a current account of M/s Greenwoods India maintained with Bank of Baroda, Ernakulam Main Branch on 08.07.2010. Both the said partners intentionally induced SBIGFL and submitted forged documents and got sanctioned the Letter of Credit Bill Discounting (LCBD) facility for a limit of Rs. 5 crore. Thereafter, the accused submitted forged LC, for Rs.4,91,96,240/- on 30.08.2011 purported to be issued by Union Bank of India, Narasanda Branch, Gujarat with other documents to discount the forged LC. The accused cheated SBIGFL to the tune of Rs. 4.91 crore (approx). The accused persons adopted the strategy of diverting telephone line of UBI so that the SBIGFL could not detect the fraud committed by the accused persons.
After investigation, a chargesheet was filed in the Designated Court. The Trial Court found the accused guilty and convicted them.