CBI Court Sentences Two Canara Bank Officials, Nine Others to Four Years’ Rigorous Imprisonment in Rs 7.91 Crore Loan Fraud Case
Shimla, October 14: A Special Court of the Central Bureau of Investigation (CBI) in Shimla on Wednesday sentenced 11 accused, including two former Canara Bank officials and nine private individuals, to four years of rigorous imprisonment each in a bank fraud case. The court also imposed a total fine of ₹19.75 lakh on the convicts.
The convicts include D.S.S. Ravindra, the then Chief Manager of Canara Bank’s Baddi branch in Himachal Pradesh’s Solan district, and C.S. Verma, the then Officer at the same branch. The other convicts are Rakesh Narula, Sonal Narula, Sanjeev Bahal, Harbhajan Singh, Sukhdev Singh, Piara Singh, Suman Narula and Sunil Kumar Goel, along with M/s Colour Camp Industries Private Limited.
According to the CBI, the case was registered on May 8, 2012, against the two bank officials, Rakesh Narula, the company and other unidentified persons over allegations of criminal conspiracy and cheating.
The investigation alleged that the accused conspired between October 2008 and March 2009 to defraud Canara Bank’s Baddi branch by using forged documents to secure the sanction and disbursement of a working capital loan of ₹7 crore and a term loan of ₹91 lakh in favour of M/s Colour Camp Industries Private Limited.
The CBI further alleged that foreign bills of exchange worth ₹4.87 crore, discounted by the bank on behalf of the company, were not realised from the importers.
Following the investigation, the CBI filed a chargesheet against the bank officials and the private borrowers and other accused before the Special Judge, CBI, Shimla.
After conclusion of the trial, the court convicted all 11 accused on September 30, 2026, and pronounced their sentences on October 14, 2026. ANB
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