The Special Judge for CBI cases, Court No. 06 Ahmedabad today i.e. 30.06.2025  convicted and sentenced five accused  including Sh. Ravinder Sakhram Pathak, the then Manager, Indian Overseas Bank (IOB), Porbandar and private person namely Rajshibhai @ Rajubhai Chanchiya to  5 years Rigorous Imprisonment (RI)  with  total fine of Rs. 3.5 lakh. The Court convicted and levied a fine of Rs. One lakh each on three firms  namely,  M/s. Tulsi Pharma Distributors, Porbandar, M/s Tulsi Telecom, Porbandar and M/s. Vachhraj Petroleum,Porbandar in a case of conspiracy, cheating, forgery of valuable securities, forgery for the purpose of cheating and using forged documents as genuine and criminal misconduct.

CBI had registered the  case on 17.04.2012 on the basis of complaint of the then Chief Regional Manager against Ravinder Sakhram Pathak, the then Manager, Indian Overseas Bank, Porbandar; M/s. Tulsi Pharma Distributors, Porbandar; M/s. Tulsi Telecom, Porbandar; M/s. Vachhraj Petroleum Porbandar;  Rajshibhai @ Rajubhai Chanchiya and one more person (Both Pvt. Persons). The allegation was  that the accused firms M/s. Tulsi Pharma Distributors, Porbandar, M/s. Tulsi Telecom, Porbandar and M/s. Vachhraj Petroleum Porbandar, through its key partners Rajshibhai @ Rajubhai Chanchiya  and one more  private person in conspiracy with R.S.Pathak, the then Manager, Indian Overseas Bank (IOB), Porbandar Branch had committed fraud and availed various CC Limits and term loan accounts by Mortgaging already sold properties, submitting fabricated valuation reports, availing double financing against the machineries already hypothecated to the bank and also by mortgaging same properties with another bank thereby causing wrongful loss to the bank to the tune of Rs.224.75 lakh.

Investigation revealed that R.S. Pathak, Branch Manager, Indian Overseas Bank, Porbandar Branch during the period from Dec 2006 to June 2007 had forwarded the proposal of M/s Tulsi Pharma Distributors, M/s Tulsi Telecom and M/s Vachhraj Petroleum with recommendation to IOB Regional Office, Ahmedabad without proper scrutiny as per the applicable provisions of the manual especially when taking over loans from other banks. He had not confirmed that whether the properties offered as security to IOB Porbandar was actually owned by R.R. Chanchiya or not. R R Chanchiya had deposited original sale deed with IOB Porbandar for one property which was already sold by him. This was not verified by him. He had disbursed the advance to the party before creation of charge over immovable properties which were to be done before disbursement of advance as stipulated in sanction endorsement. He failed to get vetted security loan documents by the bank’s approved lawyer before disbursement of advance facility. He also failed to make equitable mortgage before disbursement of advance facility. He had wrongly informed to IOB, RO, Ahmedabad vide letter dated 19.05.2007 that collateral security in each account is obtained as per IOB, RO, Ahmedabad sanction. The false valuation reports prepared by manipulation of one valuation report and one estimate for repair for one property were not scrutinized thoroughly by Pathak.

Charge-sheet was filed on 10.12.2012 against Ravinder Sakhram Pathak, then Manager, Indian Overseas Bank, Porbandar (A1), M/s. Tulsi Pharma Distributors, Porbandar (A2), M/s. Tulsi Telecom, Porbandar (A3), M/s. Vacchraj Petroleum, Porbandar (A4) and Rajshibhai @ Raju Chanchiya (A5) for the offence of criminal conspiracy, cheating, forgery of valuable securities, forgery for the purpose of cheating and using forged documents as genuine and criminal misconduct.

After trial, the Court found the accused guilty and sentenced them accordingly.

(Release ID: 2140938)