The Special Judge, CBI Cases, Bhopal (Madhya Pradesh) has sentenced Shri Suhas Bhand, the then M.D.of M/s CICON Environment Technology Ltd., Bhopal; Sh. R. C. Kori, the then Senior Manager, Dena Bank, Bhopal; Sh. Sanjay Mathur, the then Officer, Dena Bank, MP Nagar Branch, Bhopal and Sh. Nitin Bhand, then Director, M/s CICON Environment Technology Ltd., Bhopal, all to undergo three years Rigorous Imprisonment with fine of Rs.5000/- each.
CBI had registered a case U/s 120-B, 420, 467, 468 & 471 of IPC and section 13(2) r/w 13(1)(d) of PC Act, 1988 on 09.09.2004 on a complaint from Dena Bank, Bhopal against Sh. Suhas Bhand, M.D., M/s CICON Environment Technologies Ltd., Bhopal and others on the allegations that Sh. Suhas Bhand entered into criminal conspiracy with M/s Bhaskar Fiscal & Infrastructures Ltd., Bhopal, M/s Indo-Wind Energy Ltd., Mumbai, Shri Sanjay Mathur, Officer, Dena Bank, MP Nagar Branch, Bhopal and others with an intention to cheat Dena Bank during the period 2003-04. In furtherance of the said criminal conspiracy, the accused persons got issued two Bank Guarantees to the tune of Rs. 1.5 crore on the basis of forged documents, from Dena Bank, MP Nagar Branch, Bhopal favouring M/s Bhaskar Fiscal & Infrastructures Ltd. and M/s Indo-Wind Energy Ltd., Mumbai on behalf of M/s CICON Environment Technologies Ltd., Bhopal which were subsequently invoked by these accused companies.
After completion of investigation, charge-sheets were filed in the Court of Special Judge for CBI Cases, Bhopal on 23.06.2006 u/s 120-B, 420, 468 & 471 of IPC and Sec. 13(2) r/w 13(1)(d) of PC Act, 1988 against nine acccused. The Trial Court convicted four of the accused and acquitted five persons.