India, April 30 -- A special Central Bureau of Investigation (CBI) court in Pune has convicted a businessman and a retired credit manager of a nationalised bank for carrying out a loan fraud that caused losses to the public sector lender.

The case, which dates back to transactions between 2010 and 2011 at the bank's Pimpri branch, culminated after an eight-year-long trial. The court found that the accused conspired to cheat the bank by securing a cash credit facility using forged documents and misrepresentation.

According to the judgment by Special CBI-ACB judge Rajendra Mendhe on April 28, "The accused agreed to do or caused to be done an illegal act to prepare forged documents, used it as genuine and cheated the Central Bank of India....