The Bad PlaceTimes of India | 18-year trial ends in conviction of company, director for cheating bank
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An 18‑year court battle concluded with Anushool Metals Pvt Ltd and its 65‑year‑old director, Bharathi Hegde, being found guilty of cheating Canara Bank of about ₹3.33 crore by submitting forged financial statements and hiding prior encumbrances on collateral; the magistrate imposed a custodial sentence, a ₹4.5 lakh fine on Hegde and a ₹3 lakh fine on the company, noting the serious economic offence and the impact on public deposits, while two other accused had died during the proceedings and the case was investigated by the CBI’s Economic Offences Branch.
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18-year trial ends in conviction of company, director for cheating bank
Mumbai: In a trial that took 18 years to culminate, a magistrate’s court convicted Anushool Metals Pvt Ltd and its 65-year-old director for cheating Canara Bank in a fraud of about Rs 3.33 crore, holding that the company used forged financial statements and concealed prior encumbrances to obtain and enhance bank credit. The accused Bandra-based Bharathi Hegde was also fined Rs 4.5 lakh, while the company was fined Rs 3 lakh.