Daijiworld Media Network - New Delhi

New Delhi, Jan 12: A CBI court has convicted and sentenced two former Punjab National Bank (PNB) officials in connection with a Rs 4 crore fraud at the bank’s Jor Bagh branch in New Delhi.

Kulvinder Kaur Johar, ex-chief manager and branch head, and Ranjiv Suneja, ex-senior manager, were each sentenced to three years of rigorous imprisonment and fined Rs 75,000. PNB’s former panel advocate, Narendra Singh Parihar, received two-and-a-half years’ imprisonment with a Rs 50,000 fine. The sentencing was pronounced on January 9.

The case, registered by the CBI on July 11, 2013, involved a conspiracy to fraudulently secure a cash credit facility of Rs 4 crore using forged property and KYC documents. The loan proceeds were diverted for purposes other than those sanctioned.

According to the investigation, Sanjeev Dixit, proprietor of M/s Shankar Metals, colluded with the PNB officials and advocate Parihar to fraudulently obtain the cash credit. The funds were siphoned off through fake bank accounts of fictitious firms, the CBI said.

Following trial, the court convicted Johar, Suneja, and Parihar, while private individuals Rahul Sharma and Rajeev Sharma were acquitted. The prime accused, Sanjeev Dixit, has been declared a proclaimed offender and remains at large.