The Special Judge for CBI Cases, Hyderabad, on Tuesday sentenced R.P. Garg, former Assistant General Manager of Punjab National Bank, Banjara Hills, and three others, in a bank fraud case registered in February 2016.
The court sentenced Mr.Garg, Jitender Kumar Agarwal, then MD of M/s. Sheetal Refineries Limited, authorised signatory Sudhir Bhuraria and Manish Bhuraria to undergo five years of rigorous imprisonment and pay a fine of ₹75,000 each. The court also imposed a fine of ₹2 lakh on the private company.
According to a release, CBI had registered the case on February 19, 2016 against M/s. Sheetal Refineries Limited and its directors on the allegations of committing bank fraud and causing a loss of ₹53.82 crore to Punjab National Bank.
