Justice finally caught up with two fraudsters in Goa after 15 years, as a special court handed down prison terms and fines in a shocking car loan duplication racket. Former Canara Bank manager VVN Shastri and borrower Yasin Sheikh must now serve one year of simple imprisonment and pay 70,000 rupees in penalties for their roles in the deceit.
The scam unfolded in 2011 at the Ponda branch, where Sheikh presented fake documents claiming to buy a new Hyundai car—despite it already being registered to him. Shastri, the branch officer, greenlit a 5 lakh rupee loan, ignoring red flags and protocol.
The plot thickened when Sheikh secured a second 5 lakh loan from the Kolhapur branch using the same vehicle, hiding the prior financing with fabricated records. This elaborate con tricked two branches of the same bank, epitomizing greed and betrayal of public trust.
Triggered by the bank’s complaint, the CBI’s investigation exposed the full extent of the criminal conspiracy. Chargesheets led to a trial in the North Goa Special Court under Judge Mercedes, resulting in convictions for fraud, falsification, and abuse of authority on January 30, 2026. The sentence was pronounced nine days later.
This case serves as a cautionary tale for financial institutions, revealing how internal collusion erodes safeguards. The verdict, though delayed, bolsters efforts to combat loan frauds, urging stricter oversight and faster prosecutions to protect depositors and the economy.