9 months ago
Mumbai Court Jails Director for ₹1 Crore Loan Fraud in 2008 Vijaya Bank Case
Imagine a company wanted to borrow a lot of money from a bank.
The company director, Anitha, and a bank manager, Shridhar, were accused of tricking the bank, Vijaya Bank, into giving them more money than they should have.
They were also accused of not following the rules when getting the loan.
Even though Anitha said she didn't do anything wrong, the judge decided she was too involved in the company's decisions.
The bank manager, Shridhar, also tried to defend himself, but the judge said he was part of the plan.
Another person, Mahesh, who worked at a different bank, was found not guilty because there wasn't enough proof.
Sadly, Anitha's husband, who was also a key person in the company, passed away, so his case was closed.
Anitha was sentenced to three years in jail and fined a lot of money, while the bank manager got a shorter sentence and a smaller fine.
A woman director, Anitha Mathias, has been sentenced to three years in jail and fined ₹1 crore for a 2008 loan fraud case involving Vijaya Bank.
Assistant General Manager Shridhar Shetty of Vijaya Bank's Goregaon branch received a one-year jail sentence and a ₹50,000 fine.
The court acquitted Mahesh Kotian, manager of Bharat Cooperative Bank, due to insufficient evidence.
The case, filed by CBI in 2012, alleged that Roshan Electrical Pvt Ltd obtained loans by suppressing information about sister concerns and dishonoured cheques.
Anitha Mathias was found actively involved in the firm's management, and Shetty was deemed part of the conspiracy to disburse a larger amount than sanctioned without proper checks.
- Who
- Anitha Mathias (firm director) and Shridhar Shetty (bank official) were convicted; Mahesh Kotian (another bank official) was acquitted.
- What
- A 2008 loan fraud case involving Vijaya Bank, resulting in a jail sentence and fine for a director and a bank official.
- Where
- Goregaon branch of Vijaya Bank, Mumbai.
- When
- The fraud occurred in 2008, the case was filed in March 2012, and the verdict was delivered recently.
- Why
- Anitha Mathias was convicted for actively involving herself in the firm's management and the loan fraud. Shridhar Shetty was convicted for facilitating the fraudulent loan disbursal without proper procedures.
Key facts
- Accused Director
- Anitha Mathias
- Bank Official
- Shridhar Shetty (Assistant General Manager)
- Acquitted Accused
- Mahesh Kotian (Manager, Bharat Cooperative Bank)
- Original Loan Amount Sought
- Rs 30 crore (cash credit) + Rs 10 crore (bank guarantee)
- Sanctioned/Disbursed Amount
- Rs 20 crore (cash credit) + Rs 10 lakh (bank guarantee) sanctioned; Rs 21 crore disbursed
- Year of Loan Fraud
- 2008
- Case Filed
- March 2012
Quotes
Anitha Mathias
Director of Roshan Electrical Pvt Ltd
“Anitha was actively involved in the firm’s management”
freepressjournal.in
Shridhar Shetty
Assistant General Manager at Vijaya Bank’s Goregaon branch
“he was part of the conspiracy”
freepressjournal.in