New Delhi, Nov 15 A special CBI court in Ahmedabad has convicted six individuals and a Surat-based private company, M/s Jalpa Enterprises Pvt. Ltd., in a bank fraud case involving wrongful losses of over Rs 8.48 crore to Bank of Baroda, the CBI said on Saturday.
The judgment was delivered on 14 November 2025, following an investigation that began more than eight years ago.
According to the Central Bureau of Investigation, the convicted individuals include Sanjay Nagjibhai Patel (Davara), Director of Jalpa Enterprises; Sangeeta Sanjay Patel; Satish Nagjibhai Davara and Nanubhai Arjanbhai Moradiya, who served as mortgagors and guarantors for the firm; as well as Vipul Nrottambhai Ramanuj and Mitul D. Vaghasiya, Directors of Shree Ram Weave Tech, Surat.
The court sentenced all six to three years’ imprisonment and imposed a fine of Rs 25,000 each, while the company itself was fined an additional Rs 25,000, bringing the total penalty to Rs 1.75 lakh.
The CBI had registered the case on 1 April 2017 after allegations that Sanjay Patel and Sangeetaben Patel fraudulently obtained a term loan of Rs 12.90 crore and cash-credit facilities of Rs 2 crore from the Bank of Baroda’s Small and Medium Enterprise Loan Factory (SMELF), Surat.
The loan was ostensibly meant for installing 60 air-jet weaving machines and for working-capital requirements, secured against plant and machinery, stocks, book debts, and personal guarantees.
The agency’s investigation found that the accused entered into a criminal conspiracy to divert loan funds rather than use them for the sanctioned purpose.
This diversion caused a wrongful loss of Rs 8,48,20,000 to the bank while resulting in unlawful gains to the accused parties.
Following the probe, the CBI filed a charge-sheet on 30 December 2017.
"Investigation established that the accused persons entered into criminal conspiracy and cheated the Bank of Baroda, SSI Sachin Branch, Surat by diverting the funds of the bank for not using the same for the purpose for which the loan was sanctioned and thereby caused wrongful loss of Rs. 8,48,20,000/- to Bank of Baroda and corresponding wrongful gain to themselves," said the agency in its press note.
During the trial, one of the accused, Shailesh Bhikhabhai Satasiya -- Director of Shree Kali Yam -- passed away, leading to abatement of charges against him.
The CBI stated that the convictions reaffirm its commitment to pursuing financial fraud cases and ensuring accountability in economic offences.
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