Who Are the Six Individuals Convicted in the Rs 8.48 Crore Bank Fraud Case?
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Synopsis
A recent conviction in a significant bank fraud case has sent shockwaves through Ahmedabad, where a special CBI court handed down sentences to six individuals and a private firm for defrauding Bank of Baroda of over Rs 8.48 crore. This case underscores the ongoing battle against financial malfeasance in India.
Key Takeaways
- Six individuals and a private company were convicted of bank fraud.
- The case involved wrongful losses of over Rs 8.48 crore to Bank of Baroda.
- Sentences included three years in prison and fines for all convicted parties.
- The investigation took over eight years to complete.
- CBI remains committed to tackling financial fraud.
New Delhi, Nov 15 (NationPress) A specialized CBI court in Ahmedabad has found six individuals and a Surat-based private entity, M/s Jalpa Enterprises Pvt. Ltd., guilty in a bank fraud incident that incurred wrongful losses exceeding Rs 8.48 crore to Bank of Baroda, as reported by the CBI on Saturday.
The ruling was issued on 14 November 2025, following an investigation that commenced over eight years prior.
The Central Bureau of Investigation has identified the convicted persons, including Sanjay Nagjibhai Patel (Davara), the Director of Jalpa Enterprises; Sangeeta Sanjay Patel; Satish Nagjibhai Davara; and Nanubhai Arjanbhai Moradiya, who acted as mortgagors and guarantors for the firm; along with Vipul Nrottambhai Ramanuj and Mitul D. Vaghasiya, Directors of Shree Ram Weave Tech, Surat.
The court sentenced each of the six to three years’ imprisonment and imposed a fine of Rs 25,000 on each, while the firm faced an additional fine of Rs 25,000, totaling Rs 1.75 lakh.
The CBI initiated the case on 1 April 2017 after claims surfaced that Sanjay Patel and Sangeetaben Patel deceitfully procured a term loan of Rs 12.90 crore and cash-credit facilities amounting to Rs 2 crore from the Bank of Baroda’s Small and Medium Enterprise Loan Factory (SMELF), Surat.
The loan was supposedly allocated for the installation of 60 air-jet weaving machines and for working-capital needs, secured against plant and machinery, stocks, book debts, and personal guarantees.
The investigation revealed that the accused conspired to misappropriate the loan funds instead of utilizing them for the approved purpose.
This diversion resulted in a wrongful loss of Rs 8,48,20,000 to the bank, simultaneously benefitting the accused parties unlawfully.
Upon completion of the investigation, the CBI submitted a charge-sheet on 30 December 2017.
"The investigation confirmed that the accused engaged in a criminal conspiracy and deceived the Bank of Baroda, SSI Sachin Branch, Surat by misusing bank funds and thus caused a wrongful loss of Rs. 8,48,20,000 to the Bank of Baroda while obtaining corresponding wrongful gain for themselves," stated the agency in its press release.
During the trial, one of the accused, Shailesh Bhikhabhai Satasiya, Director of Shree Kali Yam, passed away, leading to the dismissal of charges against him.
The CBI emphasized that these convictions reaffirm its dedication to tackling financial fraud cases and ensuring accountability in economic crimes.
Point of View
I believe this conviction serves as a crucial reminder of the ongoing efforts to address financial fraud in India. The CBI's commitment to holding wrongdoers accountable is commendable, and this case reinforces the necessity for transparency and integrity in economic practices.
NationPress
15/11/2025
Frequently Asked Questions
What was the amount involved in the bank fraud case?
The bank fraud case involved wrongful losses amounting to over Rs 8.48 crore.
Who were the convicted individuals in the case?
The convicted individuals include Sanjay Nagjibhai Patel, Sangeeta Sanjay Patel, Satish Nagjibhai Davara, Nanubhai Arjanbhai Moradiya, Vipul Nrottambhai Ramanuj, and Mitul D. Vaghasiya.
What were the penalties imposed by the court?
Each individual was sentenced to three years in prison and fined Rs 25,000, while the company was also fined Rs 25,000, totaling Rs 1.75 lakh.
When did the CBI register the case?
The CBI registered the case on April 1, 2017.
What was the purpose of the fraudulent loan?
The fraudulent loan was meant for installing air-jet weaving machines and for working-capital requirements.
