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86-year-old detained for a day for crime committed 28 years ago

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The sessions court on Thursday convicted an 86-year-old man who was accused of committing bank frauds worth over Rs 2.6 crore in 1986, and sentenced him to a day's imprisonment. The court, presided over by judge D W Deshpande, also fined him Rs 5,000.

The accused, Rasik Doshi, and nine others were arrested by the anti-corruption bureau of the CBI in 1986 for cheating various banks across Mumbai and Vashi to the tune of more than Rs 2 crore.

As per the charge sheet, which the ACB filed in 1992, Doshi, along with other accused Chandrakant Doshi and Bharat Doshi, cheated the banks with the connivance of a few officials.

"The accused opened bogus accounts in Vashi and Matunga branches of Andhra Bank, Naigaon and Chembur branch of Canara Bank, Syndicate and Vijaya banks. They then created false credit balances and initiated transactions worth crores of rupees."

An official said the modus operandi adopted by the accused is called 'Kite Flying'. Under this method, the accused would create fake credits in banks and exchange fraudulent cheques among themselves. Initially, the cheques used to get honoured. Later, during audit time, the bank realised that accounts were falsely credited with fictitious amounts and that the transaction was committed on the basis of fictitious money."

Of the 10 accused, the bank held Rasik, Chandrakant Doshi and Bharat Doshi guilty of the fraud. Chandrakant and Bharat passed away during the trial.

The court sentenced the accused with a lesser sentence since he was in the fag end of life, thus sentencing him with an imprisonment till the rising of the court.

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