India, Aug. 2 -- A Delhi court has convicted three former directors of a textile company for cheating UCO Bank of Rs 7 crore in 2001 by submitting forged documents to obtain a loan that was later diverted. The court also underlined that the accused persons "cannot wriggle out of the criminal liability by conveniently arguing that they have entered into a settlement with the bank."

Special Judge Sudhanshu Kaushik held Amit Chaturvedi, Sanjay Chaturvedi, and Parvin Juneja, ex-directors of Dwarkadhish Spinners Ltd (DSL), guilty of criminal conspiracy, cheating, and using forged documents as genuine.

The court, however, acquitted a former UCO Bank official, Bikash Basu, saying that the prosecution failed to prove his involvement in the cons...