Overview
- The special CBI court in Mumbai convicted 10 people Tuesday in a roughly two-decade-old housing loan scam involving ₹67.70 lakh, with ₹48.63 lakh still unpaid, and gave prison terms from one to five years.
- Brothers Kashinath and Ganesh Jadhav, identified as the key planners, received five-year sentences and fines of ₹20 lakh and ₹15 lakh, while seven co-accused posing as buyers got one year each.
- Former senior manager Metha Prahaladha Ramabrahmam Sastry was convicted under the Prevention of Corruption Act for skipping required pre- and post-sanction inspections that should have flagged fraud.
- Prosecutors showed that 17 forged sale agreements for flats at Vasai’s Spring Field Apartment let the accused divert disbursement cheques into Punjab National Bank accounts opened in the builder’s name and controlled by them.
- The court granted temporary bail so the convicts can appeal, moving the long-running case into the appellate courts.