SEVEN YEARS RIGOROUS IMPRISONMENT WITH FINE OF RS.10.70 LAKH TO THEN MD OF HYDERABAD BASED FIRM AND FIVE YEARS RI TO THEN TWO BANK OFFICIALS FOR CAUSING LOSS OF RS.9.50 CRORE
The Special Judge for CBI cases, Hyderabad has convicted Shri Paresh Dhanji Chheda, then Managing Director of M/s Unique Plastics Limited, Hyderabad; Shri G.Rama Rao, then Branch Manager & Shri Sudhir Rao, then Accountant, both officials of the State Bank of Hyderabad, Ramkote Branch, Hyderabad for causing loss of Rs. 9.50 crores to the bank and sentenced Shri Paresh Dhanji Chheda to undergo seven years Rigorous Imprisonment with five of Rs.10.70 lakh & two bank officials to undergo five years Rigorous Imprisonment with fine of Rs.40,000/- each.
CBI had registered a case on 15.11.1999 on a complaint from State Bank of Hyderabad alleging that during January, 1999 to May, 1999, a fraud of Rs. 9.50 crore(approx) was committed by Sh. Paresh Dhanji Chheda, MD of M/s Unique Plastics Limited, Hyderabad through 20 clearing cheques. The accused person used to deposit high-value cheques with the issuing account having insufficient balance. However, the bundle of returned cheques was intercepted & not delivered to the branch and with the connivance of bank officials, the amount used to be credited to the account of M/s Unique Plastics limited on basis of credit vouchers.
After thorough investigation, chargesheet was filed against the accused persons in the Special Court for CBI Cases, Hyderabad on 21.12.2001. The Trial Court found accused persons guilty and convicted them.
