Ahmedabad: In a significant ruling in a long-pending bank fraud case, a special CBI court in Ahmedabad has convicted four private individuals and sentenced each of them to three years’ rigorous imprisonment for cheating Bank of Baroda of over ₹3 crore. The court has also imposed a fine of ₹50,000 on each of the convicted persons.
The judgment was delivered on December 12, 2025, while the Central Bureau of Investigation (CBI) released details of the conviction on December 13, 2025. The convicted accused have been identified as Manojbhai B. Tanti, Pareshbhai M. Tanti, Smt. Poorva Pareshbhai Tanti and Smt. Lilavanti M. Tanti, all partners of Ahmedabad-based firm M/s P.M. Marketing.
Genesis of the case
According to the CBI, the case was registered on September 30, 2008, following allegations that the accused, acting in criminal conspiracy and with dishonest intent, had submitted fabricated financial statements to fraudulently obtain a cash credit facility of ₹3 crore from Bank of Baroda.
The investigation revealed that the accused deliberately suppressed material facts while applying for the loan. At the time of availing the cash credit facility from Bank of Baroda, the firm had already obtained a similar facility from the State Bank of India (SBI). This crucial information was concealed to secure additional funding, resulting in double financing in violation of banking norms.
Loss of ₹3.48 crore to Bank of Baroda
CBI’s probe established that the fraudulent acts of the accused caused a wrongful loss of ₹3.48 crore to Bank of Baroda, while conferring corresponding wrongful gains upon themselves. The agency noted that the loan was sanctioned on the basis of falsified financial documents that did not reflect the firm’s true financial position.
Investigators further found that the partners of M/s P.M. Marketing played an active and coordinated role in suppressing the existence of the earlier cash credit facility from SBI, thereby misleading Bank of Baroda into extending fresh credit.
Chargesheet and prolonged trial
After completing its investigation, the CBI filed a chargesheet against the accused on December 11, 2009. The case then underwent a prolonged trial, during which the prosecution presented documentary evidence, bank records and witness testimonies to establish the fraudulent intent and actions of the accused.
During the proceedings, the court noted that the financial statements submitted by the accused were neither accurate nor complete, and had been deliberately manipulated to secure the loan. The evidence on record demonstrated a clear pattern of deception and misuse of the banking system.
Court’s observations
While pronouncing the verdict, the special CBI court observed that maintaining transparency and trust in the banking system is of paramount importance. It held that offences involving bank fraud not only cause financial losses to lending institutions but also undermine public confidence in the financial system, which largely operates on public funds.
Taking into account the gravity of the offence, the court found all four accused guilty and sentenced each of them to three years’ imprisonment along with a fine of ₹50,000.
Strong message against banking fraud
The ruling is expected to reinforce deterrence against similar financial crimes and strengthen enforcement efforts in cases involving fraud on public sector banks.
