CBI court convicts businessman

A CBI special court in Mumbai has convicted proprietor of a private firm for causing loss of Rs 1.02 crore to Handicraft and Handloom Export Corporation of India and sentenced him to four years rigorous imprisonment.
The court also slapped a fine of Rs 12 lakh on Sanjiv Ramesh Sharma, proprietor of Surbhi Enterprises.
CBI had registered the case on the complaint of Handicraft and Handloom Export Corporation of India Ltd against Sanjiv Ramesh Sharma, the then MD of Dubai-based firm and then in-charge, Handicraft and Handloom Export Corporation of India Ltd, Mumbai.
"...On the allegations that the public servant released payment to Sanjiv Ramesh Sharma for purchase of shoes and shipping the goods to Dubai, without observing the laid down procedures, thereby causing a loss of Rs.1.02 Crore to HHEC. It was further alleged that payment released by HHEC had been fraudulently misused by Sanjiv Ramesh Sharma, a proprietor of private firm," CBI spokesperson said.

CBI filed a charge sheet against Sharma and then Deputy Marketing Manager, Handicraft and Handloom Export Corporation of India Ltd, for criminal conspiracy, cheating and forgery.
"The trial Court found Sanjiv Ramesh Sharma guilty and acquitted then in-charge (Dy.Marketing Manager), Handicraft and Handloom Export Corporation of India Ltd, Mumbai," the spokesperson said.