4/28/2019 Mumbai: Bank’s branch head, 5 others get life for faking documents to avail Rs 1.

to avail Rs 1.5 crore loan | Cities News, The Indian Express

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Mumbai: Bank’s branch head, 5 others get life for faking documents to
avail Rs 1.5 crore loan
The loan was disbursed to father-son duo Manoharlal and Amit by Bank of India’s Mandvi branch between 2000 and 2003 for
business purposes and daily running of their partnership rm, Swift Service Lining.
By Express News Service | • Mumbai |
Published: April 27, 2019 8:17:21 am

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In 2004, the bank found out that the property could not be mortgaged and that the documents were forged.
(Representational Image)

A special court on Friday sentenced six men, including a branch head of a public sector bank, to life imprisonment for allegedly
committing fraud by taking a loan of Rs 1.5 crore on false documents from the bank.

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While Manoharlal Ahuja, Amit Ahuja, Mahesh Bohra, Sandesh Nage, Shantilal Chauhan and Bhagwan Das Joshi were sentenced to
life imprisonment, another accused Yunus Memon was handed a three-year jail term. While the six accused were ned Rs 1.53 crore
each, Memon was asked to pay a ne of over Rs 4 lakh.

The loan was disbursed to father-son duo Manoharlal and Amit by Bank of India’s Mandvi branch between 2000 and 2003 for
business purposes and daily running of their partnership rm, Swift Service Lining. The two men, who also have other similar cases
registered against them, had also taken Letters of Credit worth Rs 1 crore from the bank, against the rm’s stocks and booked debts.

According to the prosecution led by J K Sharma and Rakesh Bhatnagar, the Ahujas submitted documents pertaining to balance
sheets and income tax as well as the titled deed of an open plot located in Versova valued at Rs 3 crore at the time of applying for
the loan. The prosecution alleged that the open plot did not exist and a forged title deed was submitted as collateral.

rtising

It added that Bohra, a chartered accountant by profession, gave a false certi cate stating that the rm is in a good nancial
condition by forging its balance sheets. He also prepared false documents for the non-existing open plot. Bohra also received the

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4/28/2019 Mumbai: Bank’s branch head, 5 others get life for faking documents to avail Rs 1.5 crore loan | Cities News, The Indian Express

proceeds and opened an account in the name of shell companies maintained in various public sector banks.

The prosecution also submitted that Nage and Chauhan forged the title deed of the plot by showing a purchaser and a borrower.
Joshi, the assistant general manager and branch head of the bank, sanctioned the loan and allowed the Ahujas to encash the
payment without monitoring the account or verifying the antecedents and credentials of borrowers.

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Memon was part of a panel of several nationalised banks that provided legal opinion in the form of title deeds of properties offered
as collateral. Memon mentioned in his report that he had visited the property and veri ed it with the registrar’s o ce.

In 2004, when the rm became a non-performing asset, the bank found out that the property could not be mortgaged and that the
documents were forged. The Ahujas had also claimed that the stocks and book debts had been destroyed in a re in their godown.
In 2014, while the accused made a one-time settlement with the bank, the criminal case against them under IPC sections continued
to be probed.

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