Special CBI Judge Poonam Bamba sentenced 68-year-old Jaswant Bir Singh Bedi, the then Assistant General Manager in Punjab and Sind Bank here, to three years imprisonment for cheating, forgery, using forged documents as genuine and criminal conspiracy under the IPC and abusing official position under the Prevention of Corruption Act.
Khullar, Dutt and Sharma were the directors of Delhi-based Pragya Overseas Pvt Ltd (POPL).
It also imposed a fine of Rs 50,000, Rs 1.5 lakh on Bedi and Khullar respectively and Rs 30,000 each on Dutt and Sharma.
"In view of the facts and circumstances and evidence on record, it is thus established beyond reasonable doubt that accused Vinay Kumar Dutt and Raj Kumar Sharma in league with P V Khullar and J S Bedi obtained credit facility from international banking division (IBD) branch to the tune of Rs 175 lakhs by furnishing false information/documents and on the basis of title deeds/ perpetual lease deed of the said property, which could not have passed any right, title or interest in favour of the bank.
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It added that it has been established that Dutt and Sharma were not implicated merely by extending the vicarious liability by virtue of the accused persons being directors of POPL.
The court said Khullar was the "mastermind of the entire conspiracy" which was executed with the help of Bedi, Dutt and Sharma.
"Bedi transgressed his powers and sanctioned credit facilities to the tune of Rs 175 lakh, in utter abuse/misuse of powers, causing loss to the bank. Convicts benefited at the cost of public money, convict Khullar derived maximum benefit out of the cheated amount," it said.