India, May 2 -- A special CBI court on Thursday convicted eight people, including a senior Punjab National Bank (PNB) official, for defrauding State Bank of India (SBI) of Rs.8.64 crore through forged Letters of Credit (LCs), fake identities and manipulated verification channels. The case, linked to counterfeit LCs from PNB's Solapur branch, concludes after 15 years of investigation and trial.

Special judge Dr JP Darekar held that Ramesh Chandra Tiwari, a PNB senior manager, along with Rajendra Balu Shelke, Satish Krishna Pujari, Akhilesh Harshal Pandey, Padmakar Babulal Chavan, Anoop Roy, Shweta Rajendra Shelke and Nitin Tukaram Kakade, had dishonestly induced SBI to release funds by presenting forged LCs supported by fake confirmations...