NORTH GOA, February 12, 2026 — A Special Judge in Merces, North Goa, has sentenced a former officer of Canara Bank and a private individual to one year of imprisonment for their involvement in a fraudulent car loan scheme.
The court identified the convicts as V.V.N Sastri, then an officer at the Ponda branch of Canara Bank, and Yasin K Sheikh, the borrower. Along with the prison term, the court imposed a total fine of ₹70,000 on the duo following their conviction on January 30, 2026.
The case, investigated by the Central Bureau of Investigation (CBI), dates back to a complaint filed by Canara Bank in late 2011. Investigations revealed that the accused engaged in a criminal conspiracy where Sheikh submitted forged documents to obtain a ₹5 lakh “canmobile” loan for a Hyundai car he already owned. Sastri, abusing his official position, sanctioned the initial loan and subsequently facilitated a second ₹5 lakh loan for the same vehicle at the bank’s Kolhapur branch by suppressing the previous sanction.
The CBI’s findings highlighted that the accused sanctioned loans for a vehicle already in the borrower’s possession twice, an act that grossly violated bank guidelines and exceeded the public servant’s delegated financial powers.
Following the completion of the probe and the filing of a chargesheet, the Hon’ble Court handed down the final sentence on February 9, 2026, marking a significant conclusion to the long-standing bank fraud case.
