Bank fraud: 74-yr-old ex-AGM, 8 others get 3 years' RI, fined Rs 5cr

MUMBAI: Sixteen years after nine accused, including the now 74-year-old retired AGM of Bank of Maharashtra, Dileep Deshpande, cheated the bank to the tune of Rs 7 crore through a fraudulent loan scam, a special CBI court on Monday convicted and sentenced all of them to three years rigorous imprisonment and imposed a total fine of Rs 5.1 crore, 90% of which is to be returned to the bank.
In addition to the bank's AGM, four others, all directors of the cheating firm, are senior citizens. Special judge SP Naik Nimbalkar said the accused siphoned the amounts and used the granted credit facilities for personal and business use without any underlying genuine transactions.
"Considering the modus operandi of the crime, and its impact on the society at large, the accused deserve deterrent punishment. Fleabite sentence, misplaced sympathy or unwarranted leniency would send a wrong signal to the society at large," the judge said.
The judge refuted the defence that since the accused had repaid Rs 4.6 crore from the original outstanding amount, and only Rs 2.6 crore remained due, it showed there was no intention to cheat the bank.