"The Special Judge for CBI cases, Mumbai has convicted Ketan Manharlal Parekh, share broker and sentenced him to undergo two years rigorous imprisonment with total fine of Rs 50,000," CBI spokesperson said here today.
The court, however, acquitted a bank manager and other public officials in the case.
The case relates to cheating committed by Parekh in alleged criminal conspiracy with the then Senior Manager of NRI Cell and Incharge of Safe Custody Department, Bank of Baroda, Mumbai and others.
The spokesperson said CBI had charged the accused with cheating Bank of Baroda, Sir P.M. Road Branch, Mumbai by obtaining the duplicate debentures in lieu of originals and by pledging the original debentures of a leading private company in the name of two NRIs which were purportedly lost from Safe Custody Department, Bank of Baroda, Mumbai Main office.
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Loans facilities were then availed in the name of four associate firms of Parekh from Bank of Baroda, thereby causing loss to Bank of Baroda, the spokesperson said.
The court acquitted three other accused public servants while Parekh was convicted.