A CBI court in New Delhi has sentenced Sanjeev Dixit, also known as Sanjay Sharma, to seven years of rigorous imprisonment in a ₹4 crore Punjab National Bank fraud case.
The Rouse Avenue court also imposed a fine of ₹1.6 lakh. The conviction and sentence were pronounced on October 24, according to the Central Bureau of Investigation.
The case involved a ₹4 crore cash-credit facility allegedly obtained from Punjab National Bank’s Jor Bagh branch using bogus and forged property documents. The CBI said the loan proceeds were diverted for purposes other than those for which the credit facility had been sanctioned.
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Case Was Registered in 2013
The CBI registered the case on July 11, 2013, against Sanjeev Dixit, proprietor of Shankar Metals, Sanjay Sharma, proprietor of Super Machines, Indra Rani and other unidentified persons.
The agency alleged that the accused entered into a criminal conspiracy to dishonestly obtain the cash-credit facility from the bank.
According to the CBI, forged and bogus property documents were used while securing the credit facility.
The investigation also found that the funds released by the bank were allegedly diverted rather than being used for the stated business purpose.
Accused Escaped Custody and Used False Identity
The CBI said Dixit escaped from judicial custody in 2016 while being produced before a court in Sonipat in connection with another case.
He remained absconding and was declared a proclaimed offender by the trial court on November 23, 2017.
Investigators later received information in January 2026 that he was living in Vadodara under the false identity of Pankaj Bhardwaj.
The CBI traced him to Mata Tripura Sundari Mandir at Umrai in Rajasthan’s Banswara district and arrested him on January 30, 2026.
Guilty Plea Leads to Seven-Year Sentence
During the trial, Dixit pleaded guilty to charges including criminal conspiracy, cheating by personation, cheating, forgery of valuable security, forgery for the purpose of cheating and using forged documents as genuine.
The court subsequently convicted him and sentenced him to seven years of rigorous imprisonment.
It also imposed a fine of ₹1.6 lakh.
The case brings to a close a prosecution that began more than a decade ago and included Dixit’s escape from custody, years as a proclaimed offender and eventual arrest while allegedly living under a false identity.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
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