CBI court convicts 4 ex-Indian bank officials, couple in cheating case

Insight Online News

Chennai, Sep17 : The Special Judge for CBI Cases, Chennai, has
convicted and sentenced four Indian bank officials to three years Rigorous
Imprisonment (RI) and a couple to 37 months RI for cheating the bank
to the tune of Rs 39.18 crore.
A CBI release here today said those convicted were Aziz, then Chief
Manager, G.V. Srinivasan, then Senior Manager, Muthiah, then Senior
Manager and S. Arunachalam, then General Manager, of Indian bank
and Ranjiv Batra and his wife Kiran Batra, Directors of M/s. Kiran
Overseas Limited–both residents of Chennai.
The Court also imposed a fine of Rs 10,000 each against all the accused
and on the company.
The CBI had registered a case on complaint from Indian Bank against the
accused on the allegations that the accused including Kiran Overseas Ltd
and its Directors; officials of Indian Bank and others had caused huge loss
to the bank, Thousand Lights Branch, Chennai by cheating, forgery etc.
It was further alleged that the accused, in pursuance of the conspiracy
submitted false and forged documents. The loan amount was released
by the officials of the bank without any approval/sanction and without
securing the financial interests of the bank.
The accused failed to repay the loan, causing loss of Rs. 39.18 crore to
the bank.
After investigation, a charge sheet was filed against the accused. During
the trial, the four accused public servants of the bank, including the former
Chairman and Managing Director died. Hence the charge against them
had been abated.
The Trial Court found the other accused guilty and convicted them.


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