A special CBI court in Panchkula has delivered a significant verdict in a major banking fraud case. The court convicted two firms, SRS Real Estate and SRS Real Infrastructure, for defrauding Canara Bank of Rs 152 crore. Six directors of these companies received rigorous imprisonment sentences ranging from four to five years.
Court Sentences Directors to Prison Terms
On Tuesday, CBI Judicial Magistrate Anil Kumar Yadav pronounced the judgment. The court found the companies guilty of cheating and dishonestly inducing delivery of property under section 420 of the Indian Penal Code.
Four directors received five-year rigorous imprisonment sentences. These include Anil Jindal, Bishan Bansal, Nanak Chand Tayal, and Rajesh Singla. The court convicted them for their roles in the fraudulent scheme.
Additional Charges for Two Directors
Two other directors faced more serious charges. The court held Seema Narang and Dheeraj Gupta guilty under multiple sections of the IPC. These included criminal conspiracy, cheating, forgery, and using forged documents as genuine.
For these offenses, the court sentenced both Narang and Gupta to four years of rigorous imprisonment. The judicial magistrate directed that all sentences should run concurrently.
Medical Treatment Requests Granted
During the sentencing hearing, three convicted directors requested permission for medical treatment. Anil Jindal, Nanak Chand Tayal, and Seema Narang cited health reasons for their plea.
The court allowed their requests. It directed the jail superintendent to provide necessary medicines according to jail rules and doctors' prescriptions.
Background of the Fraud Case
The Central Bureau of Investigation registered this case on July 14, 2020. Canara Bank's Circle Office in Karnal, Haryana filed the original complaint. The bank alleged that the accused obtained credit facilities worth Rs 152 crore through conspiracy and fraud.
According to the complaint, the accused diverted these funds for purposes other than those sanctioned in the loan agreements.
CBI Investigation Findings
The CBI investigation revealed detailed patterns of fraud. SRS Real Infrastructure Limited fraudulently obtained a credit limit of Rs 42 crore. This caused a wrongful loss of Rs 41.95 crore to Canara Bank.
SRS Real Estate Ltd secured loans totaling Rs 110 crore. The investigation found that the company diverted Rs 93.20 crore through shell companies. These shell companies had no genuine business activities.
Legal Proceedings and Defense Arguments
After completing its investigation, the CBI filed two separate chargesheets on December 31, 2022. The case then proceeded to trial in the special CBI court.
During the trial, defense counsels argued that the accused were wrongly implicated in the case. They presented their arguments before the court.
Final Verdict and Sentencing
The court examined all evidence presented during the trial. On December 22, 2025, the court convicted all the accused based on this evidence. The sentencing took place on January 13, 2026, when the court announced the prison terms.
This case represents a significant development in India's fight against financial fraud. The conviction sends a strong message about accountability in banking transactions.
