Panchkula, Jan 15 (IANS) A Special CBI court in Haryana sentenced four officials of two real estate companies to varying jail terms varying of five to four years, along with penalties, in a case pertaining to fund diversion and bank loan fraud involving Rs 152 crore, an official said.

Bishan Bansal and Nanak Chand Tayal, both linked to 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, a CBI statement said, quoting the court order delivered on January 13.

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 imposed a fine of Rs 50,000 each on the two accused companies - Real Infrastructure Ltd and SRS Real Estate Ltd. The accused private persons 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 instant case on July 14, 2020 on the complaint of Canara Bank, Circle office, Karnal, Haryana.

It was alleged that the accused in conspiracy with each other cheated the complainant bank by fraudulently obtaining credit limit/loan of Rs 152 crore and siphoned off the funds for purposes other than for which the loan was sanctioned.

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

After completion of investigation, the CBI filed two chargesheets on December 31, 2022 against the accused, including two accused companies.

The court, after the trial, convicted the above-mentioned accused on December 22, 2025 and sentenced them on January 13, 2026.

--IANS

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