The Special Judge for CBI cases, Gandhinagar has sentenced accused Smt. Preeti Vijay Sahjwani, then Sr. Manager, Indian Overseas Bank (IOB) Vastrapur Branch, Ahmedabad to 07 years’ Imprisonment with fine of Rs. 15,06,50,000/- in a case related to offences of Criminal breach of trust, Forgery for valuable security, using forged document as genuine and causing wrongful loss to the bank.
FinTech BizNews Service
Mumbai, April 21, 2024:The Special Judge for CBI cases, Gandhinagar has on Thursday sentenced accused Smt. Preeti Vijay Sahjwani, then Sr. Manager, Indian Overseas Bank (IOB) Vastrapur Branch, Ahmedabad to 07 years’ Imprisonment with fine of Rs. 15,06,50,000/- in a case related to offences of Criminal breach of trust, Forgery for valuable security, using forged document as genuine and causing wrongful loss to the bank. The Court ordered Rs 15 crore of the fine imposed, to go to the complainant Bank.
CBI, on a complaint by then Senior Regional Manager , IOB, Ahmedabad, had registered a case on 29.10.2001 against the accused including the one convicted on 18 April, 2024, on allegations that the accused cheated the IOB to the tune of Rs. 2,14,93,940/-(approx) by way of crediting final maturity payment of FCNR deposits of two accounts into two fictitious accounts without any authority letter from the depositor or from the power of attorney holder and sanctioned demand loans / cash credits in fictitious accounts amounting to Rs. 1,40,50,000/- /-(approx) against security of un-surrendered deposit receipts of actual depositors, by making alterations in the amount, date, maturity value, etc.
After the completion of investigation, charge sheet was filed on 15.10.2003 against the convicted accused for offence of criminal breach of trust, forgery of valuable security etc, using forged documents as genuine, and Criminal Misconduct, etc. Investigation revealed that Smt. Preeti Vijay Sahijwani, the then Senior Manager, IOB, Vastrapur Branch, Ahmedabad, misused her official position by disbursing and depositing the final maturity payment of foreign currency non- resident (FCNR) bank deposits of two persons into a Cash Credit (CC) account and an SB A/c. in the name of fictitious persons, without any authority of the depositor or Power of Attorney (POA) holder. Apart from this, demand loans/cash credits amounting to Rs. 1,40,50,000/- were sanctioned in the names of five other fake persons against the security of un-surrendered deposit receipts of FCNR(B) by making changes in the deposit amount, date, maturity value etc. pertaining to said two account holders. The accused caused wrongful loss of over Rs. 2.00 crore (approx) including interest as on 27.07.2001.
Accused Mrs. Preeti Vijay Sahijwani had remained absconding during investigation. Her presence was ensured through Red Corner Notice. She was detained by Canadian Immigration authorities and deported to India on 11.01.2012. On her arrival, she was produced before the Spl Court CBI Ahmedabad and Court sent her to judicial custody.
During the trial, 23 prosecution witnesses were examined and 158 documents got proved through witnesses. After the pronouncement of the judgement, the accused Mrs.Preeti Vijay Sahijwani was taken into custody.
