FOUR YEARS RIGOROUS IMPRISONMENT TO PROPRIETOR OF A PRIVATE FIRM AND OTHERS FOR CAUSING LOSS OF Rs. 784.54 LAKH TO PUNJAB NATIONAL BANK

Press Release
New Delhi, 13.06.2018

The Special Judge, Patiala House Court, New Delhi has sentenced Sh. Ashwani J. Verma & Sh. Vinay Tyagi, both Proprietors of M/s Nanak Steels Pvt. Ltd.; Sh. M.L. Arora and Sh. P.V. Krishnaji, all to undergo four years Rigorous Imprisonment with total fine of Rs. 21 lakh. The Court has also imposed a fine of Rs. 5 lakh to M/s Nanak Steels Pvt. Ltd.

CBI had registered a case and filed a chargesheet on 20.05.2010 against the accused persons on the allegations of entering into conspiracy for obtaining Credit Facilities/Term Loan/Bank Guarantees by submitting false & forged documents and diverting the bank funds, thereby causing a loss to the tune of Rs.784.54 lakh to the Punjab National Bank, South Extension Branch, New Delhi.

The Trial Court found the accused guilty and convicted them.



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