Published On : Fri, May 27th, 2022

5-year jail for Director of Ashoka Safe Deposit Vault for duping investor in Nagpur

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Nagpur: The Additional Sessions Judge Sunil Patil in Nagpur on Thursday sentenced Ramchandra Madari Katkamwar (76), Director of Ashoka Safe Deposit Vault Company Limited, to five years’ imprisonment after the charges of duping an investor of Rs 8 lakh were proved against him in the court.

According to prosecution, Suresh Bhagwantrao Kannav (60), a resident of 316, Civil Lines, near Bank of India, had invested Rs 4.10 lakh as fixed deposit at Katkamwar’s Ashoka Safe Deposit Vault Company Limited, Sitabuldi, between December 26, 1998 and December 21, 2001. Katkamwar had promised him to return Rs 8 lakh with interest on fixed deposits (FDs) after maturity. Even after maturity of the FDs, Katkamwar did not return the amount and duped him.

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Following a complaint lodged by Kannav, Sitabuldi Police registered a case under Sections 420, 406 of the Indian Penal Code (IPC), read with Section 3 of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act (MPIDA), against Katkamwar at Sitabuldi Police Station.

Police arrested Katkamwar on January 17, 2002. Police Inspector Thawkar investigated the case and filed a chargesheet against the accused. As the charges were substantiated against Katkamwar, the court sentenced him to five years’ imprisonment for the offence under Section 420 of the IPC with a fine of Rs 10,000. For the offence under Section 406 of the IPC, the court sentenced him to two years’ imprisonment with a fine of Rs 5,000. Similarly, the court awarded five years’ imprisonment to him for the offence under Section 3 of the MPIDA. The court also convicted Katkamwar under the RBI Act and sentenced him to one year imprisonment with a fine of Rs 1,000.

Additional Public Prosecutor Girish Dubey represented the State.

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