Court decision (indicative)
– Photo: ANI
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The special CBI court in Gandhinagar sentenced Preeti Vijay Sahajwani, the then senior manager of Vastrapur branch of Indian Overseas Bank (IOB), Ahmedabad, to seven years’ imprisonment along with a fine of Rs 15 crore. The special judge sentenced him after finding him guilty of the offenses of forgery, presenting a forged document as genuine and causing wrongful loss to the bank.
The court ordered to deposit the fine amount of Rs 15 crore in the complainant bank. Regarding the matter, CBI had registered a case of fraud with IOB on October 29, 2001 on the complaint of the then Senior Regional Manager of IOB, Ahmedabad. In this, Preeti Vijay Sahajwani was accused of misusing her position and depositing about Rs 2.14 crore of foreign currency non-resident (FCNR) deposits of two depositors in two fake accounts without any authorization letter or power of attorney.
Apart from this, loans amounting to about Rs 1.40 crore were sanctioned in fake accounts of five other people against unsurrendered deposit receipts. For this, fraudulent changes were made in the amount, date, maturity value etc.
Sahajwani was extradited from Canada
The police had filed a charge sheet in the case on October 15, 2003. He was accused of causing a loss of approximately Rs 2 crore to the bank including interest. At that time Sahajwani had gone to Canada. Canadian immigration officials issued a Red Corner Notice against him and detained him and deported him to India in January 2012. He was sent to judicial custody after being produced before the special CBI court in Ahmedabad.