A special CBI court in Tamil Nadu’s Coimbatore sentenced rigorous imprisonment and Rs 6.5 lakh fine to the convicts involved in a bank fraud case.
A judge of the special CBI cases court in Tamil Nadu’s Coimbatore has sentenced S Sakthivel and S Vijayakumar to three years of rigorous imprisonment and a fine of Rs 1.5 lakh to each of them. Both are directors at Sun Bio-Manure (P) Ltd in Panamarathupatti village. An additional Rs 1.5 lakh was also imposed on Sun Bio Manure (P) Ltd
The court also sentenced S Balasubramanian, the ex-branch manager of Indian Bank, Veerapandi Branch to two years of rigorous imprisonment and a fine of Rs 2 lakh. A total fine of Rs. 6.5 lakh has been imposed on all the parties involved in the case.
WHAT IS THE CASE
The CBI registered a case in January 2010 after allegations that the accused submitted forged documents to avail credit from Indian Bank in a fraudulent manner. The bank’s branch manager was also involved in the case for allegedly accepting forged documents and releasing credit limits in violation of the terms and conditions of the loan sanction.
The Veerapandi branch of Indian Bank suffered an estimated loss of Rs 261.63 lakh.
A chargesheet was filed in December 2010 before the special CBI court in Coimbatore. The trial court convicted them on Friday.