New Delhi, Nov 11 (IANS): A couple, directors of a private firm, was sent to jail by a court here for cheating the Punjab and Sind Bank during 2001-2002.

"Offences of bank frauds and cheating are widely prevalent in the society. A deterrent punishment is, thus, required to prevent such offences," the court said.

The court awarded a four-year jail term to Yashpal Arora and two years imprisonment to his wife Saroj Arora. Both were directors of a Delhi-based company Z.Z. Zippers Pvt. Ltd.

Central Bureau of Investigation (CBI) Special Judge Rakesh Syal convicted them under various sections dealing with criminal conspiracy, cheating and forgery.

The court in an order delivered Monday held that both had conspired to cheat Punjab and Sind Bank by obtaining credit facilities, a term loan of Rs.13 lakh and cash credit limit of Rs.35 lakh on the basis of misrepresentation and by using forged documents, including a purported conveyance deed.

"The evidence led by prosecution has revealed that the offence was pre-meditated with a motive to illegally gain money," the court said.

"Various documents, including a purported conveyance deed/valuable security, were forged and used for obtaining loan."

Yashpal was slapped with a fine of Rs.53 lakh while his wife was asked to pay Rs.20.5 lakh.

The court directed that out of the fine imposed on the convicts, a sum of Rs. 50,00,000 and Rs. 10,00,000 respectively, be paid to Punjab & Sind Bank as compensation.

A case was registered against them by the CBI on March 31, 2004.