CBI Court Sentences 4 Real Estate Firm Officials to Jail in Rs 152 Crore Bank Fraud Case

Panchkula, Jan 15 (IANS) A Special CBI court in Haryana has sentenced four officials from two real estate companies to varying jail terms and imposed fines in a case involving a Rs 152 crore bank loan fraud. The court's decision comes after a thorough investigation and trial, highlighting the severity of the financial crime.

Bishan Bansal and Nanak Chand Tayal, both associated with SRS Real Infrastructure Ltd and SRS Real Estate, have been sentenced to Rigorous Imprisonment (RI) for five years, with a fine of Rs 80,000 each. Convicts Seema Narang and Dheeraj Gupta were sentenced to Rigorous Imprisonment (RI) for four years, with a fine of Rs 40,000 each. The court also imposed a fine of Rs 50,000 each on the two accused companies, Real Infrastructure Ltd and SRS Real Estate Ltd. Additionally, private individuals Rajesh Singla and Anil Jindal have been sentenced to Rigorous Imprisonment (RI) for five years, with a fine of Rs 1.2 lakh each.

The Central Bureau of Investigation (CBI) registered the case on July 14, 2020, based on a complaint from Canara Bank, Circle Office, Karnal, Haryana. The bank alleged that the accused had conspired to defraud the bank by fraudulently obtaining a credit limit/loan of Rs 152 crore and siphoning off the funds for purposes other than those for which the loan was sanctioned.

Investigation by the CBI revealed that the private companies, SRS Real Infrastructure Ltd and SRS Real Estate Ltd, through their respective co-accused directors, caused wrongful losses of Rs 41.95 crore and Rs 93.20 crore, respectively, to Canara Bank. They achieved this by fraudulently obtaining credit limits of Rs 42 crore and Rs 110 crore, respectively, and diverting the loan funds using dummy companies without any genuine underlying business activity in both instances.

After completing the investigation, the CBI filed two chargesheets on December 31, 2022, against the accused, including the two accused companies. The court, after a thorough trial, convicted the aforementioned accused on December 22, 2025, and sentenced them on January 13, 2026.

This case underscores the importance of stringent measures to prevent financial fraud and the role of investigative agencies like the CBI in ensuring justice. The sentences handed down by the court are a clear message that such fraudulent activities will not be tolerated and will be met with severe legal consequences.

The real estate sector, particularly in Haryana, has been under scrutiny for various financial irregularities. This conviction and sentencing are expected to serve as a deterrent to other potential wrongdoers and to enhance the trust of financial institutions and the public in the legal system.