CBI Court Convicts and Sentences 6 Others, Including Private Individuals and a Company in Bank Fraud Case
FinTech BizNews Service
Mumbai, April 10, 2026: The CBI Court, Ahmedabad, today, i.e., 10.04.2026, has convicted and sentenced Gurinder Singh, Retd. Asstt. General Manager, K.G.C.S Iyer, Retd. Chief Manager and K.E. Surendiranath, Retd. Senior Manager of Punjab National Bank, private persons, namely, Sanjay Nagjibhai Patel, Director of M/s. Jalpa Enterprise Pvt. Ltd., Surat; Satish Nagjibhai Davra, Prop. of M/s. Bapa Sitaram Enterprise, Surat; Hitesh Domadiya, M/s H. Domadiya & Co., Surat; Vaishaliben Davra, Prop. of M/s V.S. Textiles, Surat; Ramilaben Bhikadiya, Prop. M/s Priyanshi Textiles and M/s. Jalpa Enterprise Pvt. Ltd. in a bank fraud case.
As per a press release issued by the CBI today, the accused Gurinder Singh, Retd. AGM; K.G.C.S. Iyer, Retd. Chief Manager; and K.E. Surendiranath, Retd. Senior Manager, have been sentenced to Rigorous Imprisonment (RI) for Two Years with a fine of Rs. 1 lakh each. The Court has sentenced the accused as follows: Sanjay Nagjibhai Patel to undergo Three Years’ Rigorous Imprisonment (RI) along with a fine of Rs. 50,000; Satish Nagjibhai Davra to undergo Two Years’ RI with a fine of Rs. 50,000; Hitesh Domadiya to undergo Three Years’ RI with a fine of Rs. 1,00,000; Vaishaliben Davra to undergo Two Years’ RI with a fine of Rs. 50,000; and Ramilaben Bhikadiya to undergo Two Years’ RI with a fine of Rs. 50,000 and The Court has imposed a fine of 50,000 on the firms namely M/s Jalpa Enterprise Pvt. Ltd..
The Central Bureau of Investigation (CBI) registered the instant case on 22.08.2016 against the accused M Shri Shailesh Bhikhabhai Satasiya, Prop. of M/s. Shree Kali Textiles, Surat Sanjay Nagjibhai Patel, Director of M/s. Jalpa Enterprise Pvt. Ltd., Surat, Satish Nagjibhai Davra, Prop. of M/s. Bapa Sitaram Enterprise, Surat and Unknown private persons and unknown of public servants. It was alleged that M/s Shree Kali Textiles through its proprietor, the accused Shailesh Bhikhabhai Satasiya applied for a Term Loan on July 10, 2011 of ₹370.00 lakh and a Cash Credit Limit of ₹40.00 lakh for the purchase of 44 Water Jet Loom machines and general business operations. Following the recommendation by Senior Manager the accused K. E. Surendranath and the accused Chief Manager K. G. C. S. Iyer, the credit facilities were officially sanctioned on July 29, 2011, by the accused the then AGM Gurinder Singh. The primary security for these loans was the 44 machines themselves, supported by collateral in the form of various plots and residential flats
Investigation revealed that the accused Shailesh Bhikhabhai Satasiya, Prop. of M/s. Shree Kali Textiles, Surat and other Pvt. Persons submitted forged documents with the intention to use the same as genuine and based on these forged/ false documents as well as other facts, the accused public servants without following the guidelines of the bank, accepted the fake documents as genuine and dispersed the loan facilities thus causing undue benefit to the accused persons and corresponding loss of Rs. 156.98 lakh plus interest to Punjab National Bank, Surat.
After completion of Investigation, CBI filed charge-sheet on 29.06.2016 against the accused.
The Court, after trial, found the accused guilty and sentenced them accordingly.
