CBI Court Ahmedabad Sentences Four in ₹3-Crore Bank Fraud Case

Ahmedabad: A special court of the Central Bureau of Investigation (CBI) in Ahmedabad has sentenced four individuals to three years of rigorous imprisonment in a bank fraud case involving a loss of more than ₹3 crore to Bank of Baroda. The court also imposed a fine of ₹50,000 on each of the convicted persons.

The verdict, pronounced on December 12, 2025, brings closure to a case that has remained under trial for over 15 years. The CBI disclosed details of the conviction on December 13.

The convicted individuals — Manojbhai B. Tanti, Pareshbhai M. Tanti, Poorva Pareshbhai Tanti, and Lilavanti M. Tanti — were partners of Ahmedabad-based firm M/s P.M. Marketing.

How the Fraud Was Detected

According to the CBI, the case dates back to September 30, 2008, when allegations surfaced that the partners of M/s P.M. Marketing had deliberately submitted falsified financial documents to secure a cash credit facility of ₹3 crore from Bank of Baroda.

Investigators found that at the time of applying for the loan, the firm was already enjoying a similar cash credit limit from the State Bank of India (SBI). This crucial fact was concealed from Bank of Baroda, resulting in unauthorised double financing — a clear violation of banking regulations.

₹3.48 Crore Loss to Bank of Baroda

The probe established that the fraudulent loan resulted in a wrongful loss of ₹3.48 crore to Bank of Baroda, while the accused partners gained financially through misrepresentation.

CBI officials stated that the financial statements submitted with the loan application were manipulated to project a misleading picture of the firm’s creditworthiness. Such cases underline the importance of strict financial scrutiny and independent auditing services in India to detect concealed liabilities and prevent systemic banking fraud.

Chargesheet and Lengthy Trial

Following the investigation, the CBI filed a chargesheet on December 11, 2009. During the prolonged trial, prosecutors presented bank records, documentary evidence, and witness testimonies establishing intentional suppression of facts by all four partners.

The court observed that the accused acted in coordination and with dishonest intent, misleading the bank into sanctioning credit it otherwise would not have approved.

Court’s Observations

While delivering the judgment, the court stressed that bank frauds erode public confidence in financial institutions, particularly public sector banks that operate using public funds.

The court held that transparency and truthful disclosure are fundamental to the banking system, and deliberate deception warrants strict punishment.

Strong Message Against Banking Fraud

Legal experts say the verdict sends a strong deterrent signal against financial misrepresentation and loan fraud. Enforcement agencies believe the ruling reinforces accountability among borrowers and highlights the consequences of manipulating banking systems for unlawful gain.