CBI court convicts 6 individuals, Surat private firm in ₹8 cr bank fraud case

A special CBI court in Ahmedabad has convicted six individuals and a Surat-based private company, M/s Jalpa Enterprises Pvt. Ltd, in a bank fraud case involving wrongful losses of over ₹8.48 crore to Bank of Baroda, the CBI said on Saturday.

The judgment was delivered on November 14, 2025, following an investigation that began more than eight years ago.

As per the Central Bureau of Investigation, the convicted individuals include Sanjay Nagjibhai Patel (Davara), director of Jalpa Enterprises; Sangeeta Sanjay Patel; Satish Nagjibhai Davara and Nanubhai Arjanbhai Moradiya, who served as mortgagors and guarantors for the firm, as well as Vipul Nrottambhai Ramanuj and Mitul D Vaghasiya, directors of Shree Ram Weave Tech, Surat.

The court sentenced all six to three years’ imprisonment and imposed a fine of ₹25,000 each, while the company itself was fined an additional ₹25,000, bringing the total penalty to ₹1.75 lakh.

The CBI had registered the case on April 1, 2017 after allegations that Sanjay Patel and Sangeetaben Patel fraudulently obtained a term loan of ₹12.90 crore and cash-credit facilities of ₹2 crore from the Bank of Baroda’s Small and Medium Enterprise Loan Factory (SMELF), Surat.

The loan was ostensibly meant for installing 60 air-jet weaving machines and for working-capital requirements, secured against plant and machinery, stocks, book debts, and personal guarantees.

The agency’s investigation found that the accused entered into a criminal conspiracy to divert loan funds rather than use them for the sanctioned purpose.

This diversion caused a wrongful loss of ₹8,48,20,000 to the bank while resulting in unlawful gains to the accused parties.

Following the probe, the CBI filed a charge-sheet on December 30, 2017.

"Investigation established that the accused persons entered into criminal conspiracy and cheated the Bank of Baroda, SSI Sachin Branch, Surat by diverting the funds of the bank for not using the same for the purpose for which the loan was sanctioned and thereby caused wrongful loss of ₹8,48,20,000/- to Bank of Baroda and corresponding wrongful gain to themselves," said the agency in its press note.

During the trial, one of the accused, Shailesh Bhikhabhai Satasiya -- director of Shree Kali Yam -- passed away, leading to abatement of charges against him.

The CBI stated that the convictions reaffirm its commitment to pursuing financial fraud cases and ensuring accountability in economic offences.

(This story was taken from syndicated feed and was only edited for style by Gujarat Samachar Digital team)