India, July 17 -- A special CBI court on Tuesday convicted four people, including businessman Brian Mario Castelino, his wife Rajini Castelino, their company R Tec Systems (India) Private Limited, and former Corporation Bank official Alam Mahmud Shaikh, in a Rs.6.82 crore loan fraud. The convicts were sentenced to one year of rigorous imprisonment and fined Rs.25,000.

The court found that the accused had conspired to cheat the Corporation Bank's Ghatkopar (West) branch by fraudulently availing post-shipment credit based on 28 falsified Softex forms (forms related to the declaration of software export), and fabricated software export invoices of C-Bay System Limited, a healthcare company. Post-shipment credit refers to a payment offered b...