Court convicts two accused in bank fraud case

Panaji: A special judge at Merces on Friday convicted two accused in a bank fraud case investigated by the Central Bureau of Investigation (CBI). The court convicted VVN Sastri, the then officer of Canara Bank, and Yasin K Sheikh, a borrower.

Both were found guilty of criminal conspiracy, cheating, forgery, forgery for the purpose of cheating, and criminal misconduct.


The CBI registered the FIR on a complaint filed by Canara Bank. According to the prosecution, Sastri, while serving as an officer at Canara Bank’s Ponda branch, conspired with Sheikh and others to sanction a Canmobile loan of Rs 5 lakh to Sheikh for the purchase of a Hyundai car that he already owned.

The accused allegedly suppressed this fact and submitted false documents to obtain the loan.

The investigation further revealed that, in pursuance of the same criminal conspiracy, Sheikh was sanctioned another Canmobile loan of Rs 5 lakh from the bank’s Kolhapur branch for the purchase of the same vehicle. This loan was also allegedly obtained by submitting false and forged documents and by suppressing material facts.

The CBI filed two separate chargesheets in connection with the case—one in Kolhapur and the other in Goa. The court has scheduled the sentencing in the matter for Feb 2.