9 senior citizens get 3-years jail for cheating banks of 13.5 cr

Observing that no cheating or fraud complaints from banks against the accused was not sufficient to absolve them of their criminal act, a magistrate’s court last week convicted and sentenced nine senior citizens, including the 61-year-old managing director of a denim manufacturing company, to three years’ simple imprisonment for cheating Bank of Baroda and Federal Bank to the tune of Rs 13.5 crore between 1997 and 2000.

from Times of India https://ift.tt/GZ7crFb