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Director of Ashok Safe Deposit Vault Ramchandra Madari Katkamwar (76) sentenced Five years of imprisonment by the Verdict of Additional Sessions Judge Sunil Patil after the charges of duping an investor of Rs 8 lakh were proved against him in the court.

Prosecutor Suresh Bhagwantrao Kannav (60), a resident of 216, Civil Lines, had invested Rs 4.10 Lakh at Katkamwar’s Ashok Safe Deposit Company Limited, Sitaburdi Nagpur, in the period between December 26, 1998 and December 21, 2001. Company has promised to return an estimate of Rs. 8 lakh on the fixed deposit after maturity. Even after the period of maturity Kathkamwar’s company didn’t return the amount and duped him.

Earlier Police arrested Katkamwar on January 17, 2002. Police Inspector Thawkar investigated the case and filed a charge sheet against the accused. As the charges were substantiated against Katkamwar, the Court finally gave verdict in Prosecutor Kannav’s side and sent the accused to five year of imprisonment with a fine of Rs 5,000. Similarly, the court awarded five years’ imprisonment to him for the offense under Section 3 of the MPIDA. The court also convicted Katkamwar under the RBI Act and sentenced him to one year imprisonment with a fine of Rs 1,000.

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