Banker, businessman sentenced to 4 years in Chandigarh loan fraud case

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Declaring that financial fraud is as serious as murder or rape, the special court of the Chandigarh Central Bureau of Investigation on Monday sentenced a former bank official and a businessman in a four-year prison term to four years. ??3.5 crore loan fraud case. The court also imposed a fine of ??25 lakh on convicts.

According to the CBI, Tarsem Lal Singla, 65, director, Aakriti Constructions and Developments Limited, in collusion with Inderjit Singh, 67, then managing director of Punjab and Sindh Bank, submitted false documents for a loan and caused a loss of ??3.5 crore in the bank. The bank official allegedly made false entries and failed to keep proper records of the loan file. A case was registered in 2013 after a complaint from the banking authorities.

On February 10, the IWC court convicted Singh and Singla under Articles 120B (criminal association), 420 (cheating), 468 (forgery for the purpose of cheating) and 471 (use as authentic of a forgery) of the Indian Penal Code and section 13 (1) (d) read together with 13 (2) of the Corruption Prevention Act, which relates to criminal misconduct of a public official. The conviction took place on Monday.

In court, the two convicts requested clemency, citing their age and poor health. However, prosecutor KP Singh pleaded for an exemplary sanction to fight endemic corruption.

Sushil Kumar Garg, Special Judge, CBI, said in his order that the convicts “have committed economic crimes that are damaging the financial health of the country. Therefore, financial fraud is like murder and rape ”.

Declaring that the conduct of the two was “highly deplorable”, the judge ordered: “Any softness in this regard could produce an undesirable result, namely the encouragement of the adoption of corrupt means by an official in connivance with a private party. , which must in fact be verified, and not allowed to be increased.

In addition to giving them four years’ imprisonment, the court also fined them ??5 lakh on Singh and ??10 lakh each on Singla and her company.

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