Shimla, October 15: A Special Court of the Central Bureau of Investigation (CBI) in Shimla has sentenced 11 accused, including two former Canara Bank officials and nine others, to four years of rigorous imprisonment in a bank fraud case involving alleged fraudulent sanction and disbursement of loans worth approximately ₹7.91 crore. The court has also imposed a total fine of ₹19.75 lakh on the convicted accused.
According to a press release issued by the CBI on October 14, 2026, the convicted persons include D.S.S. Ravindra, the then Chief Manager of Canara Bank, Baddi branch in Solan district, Himachal Pradesh, and C.S. Verma, the then bank officer at the same branch.
The other nine accused include M/s Colour Camp Industries and eight private individuals identified as Rakesh Narula, Sonal Narula, Sanjeev Bahal, Harbhajan Singh, Sukhdev Singh, Piara Singh, Suman Narula and Sunil Kumar Goel.
CBI Registered Case in 2012
The CBI registered the case on May 8, 2012, against the two bank officials, Rakesh Narula, M/s Colour Camp Industries and other unidentified public and private persons.
The case pertained to alleged criminal conspiracy during the period from October 2008 to March 2009, with the objective of cheating Canara Bank’s Baddi branch in Solan district through the use of forged documents.
As per the CBI, the alleged fraud involved the sanction and disbursement of a working capital loan of ₹7 crore and a term loan of ₹91 lakh in favour of M/s Colour Camp Industries Private Limited.
Foreign Bills Worth ₹4.87 Crore Also Under Scanner
The investigation further revealed allegations concerning foreign bills of exchange amounting to ₹4.87 crore that had been discounted by the bank but were reportedly not realised from the importers.
The CBI alleged that the accused had acted in conspiracy to secure the loans on the basis of forged documents, causing financial loss to the bank.
Charge Sheet Filed After Investigation
Following the investigation, the CBI filed a charge sheet against the bank officials and private borrowers and other accused before the court of the Special Judge, CBI, Shimla.
After conclusion of the trial, the court convicted all 11 accused on September 30, 2026, and pronounced their sentences on October 14, 2026.
The latest verdict marks the conclusion of the trial in the case registered over alleged irregularities in the sanction and disbursement of loans by the Canara Bank branch in Baddi, Solan district.
