CBI Cracks Down On Bank Fraud: 11 Convicts, Including Two Bank Officials, Sentenced To Four Years In Prison

New Delhi/Shimla: The Central Bureau of Investigation (CBI) has achieved a major legal victory in a case involving an alleged conspiracy to cause losses worth crores of rupees to the banking system. A CBI court in Shimla, Himachal Pradesh, has sentenced 11 convicts, including two former bank officials, to four years of rigorous imprisonment each in a bank fraud case. The court has also imposed a total fine of ₹19.75 lakh on the convicts. The verdict sends a strong message about the strict enforcement of the law in cases of banking fraud.

According to the CBI, the convicts include D.S.S. Ravindra, the then Chief Manager of Canara Bank's Baddi branch in Solan district, and C.S. Verma, a then bank official. The other accused include M/s Color Camp Industries, a private company, and eight private individuals. They have been identified as Rakesh Narula, Sonal Narula, Sanjeev Behl, Harbhajan Singh, Sukhdev Singh, Pyara Singh, Suman Narula, and Sunil Kumar Goyal.

Case Involved Obtaining Loans Using Forged Documents

The CBI registered the case on May 8, 2012. The allegations stated that between October 2008 and March 2009, the accused allegedly entered into a criminal conspiracy and used forged documents to secure the sanction and disbursement of a working capital loan of ₹7 crore and a term loan of ₹91 lakh from Canara Bank's Baddi branch in favour of M/s Color Camp Industries Private Limited.

Additionally, the company's foreign exchange bills worth ₹4.87 crore could not be recovered from the importers. After completing its investigation, the CBI filed a chargesheet before the special court.

Following the hearing, the court convicted all 11 accused on September 30, 2026, and pronounced their sentences on October 14, 2026.