Face2News/Chennai

The CBI Court, Chennai, on Tuesday, has convicted and sentenced the accused private company viz. M/s. D.N. International Ltd. and its Directors, namely, Ketan A. Shah, Mukesh A. Shah, Ashwin H. Shah and Rashmikant Shah in a Bank Fraud case of Rs. 5.75 Crore. The Directors of the company have been sentenced to undergo Rigorous Imprisonment for 5 years each and to pay a fine of Rs.4,00,000 each. The accused company, M/s. D.N. International Ltd. has been imposed a fine of Rs.4,00,000. 

The instant case was registered by Central Bureau of Investigation (CBI) on 19.02.2002 based on reliable information that during the period 1999-2000, the accused persons viz. then Chief Manager, Andhra Bank, Mowbrays Road Branch, Chennai and others including M/s. D.N. International Ltd. which is manufacturing, processing and exporting rough and polished diamonds, rep. by its Directors, had entered into a criminal conspiracy at Chennai, Mumbai and Hyderabad and other places and in furtherance of criminal conspiracy, the accused persons committed criminal misconduct by extending undue favours to M/s. D.N. International Ltd., without safeguarding the interest of Andhra Bank in the matter of sanctioning/recommending for sanction of Packing Credit and Foreign Bills Discounted Limits to M/s. D.N. International Ltd. The accused borrowers diverted the funds and had not utilized the same for the purposes for which the credit facilities were availed. Thereby, the accused persons caused wrongful loss to Andhra Bank to the tune of Rs.5.75 Crore and corresponding wrongful gain to accused persons and thus cheated Andhra Bank, Mowbrays Road Branch, Chennai. 

On completion of investigation, the CBI filed Charge Sheet on 07.05.2004, before the Hon’ble CBI Court, Chennai against 11 accused persons i.e. Bank Officials, M/s. D.N. International Ltd. and its Directors and others for the commission of above-mentioned offences. 

The Hon’ble Court, after the trial, convicted and sentenced the five accused accordingly. The Hon’ble Court has acquitted three accused persons from all the charges and also abated charges against three as they expired during the trial.

*****