Chennai: A CBI court has convicted and sentenced six people to three years Rigorous Imprisonment in connection with the Rs 3.72 crore bank fraud case.
The ACCM, Chennai (Tamil Nadu) sentenced T.Kumararaja, T.Ashokan, V.Anandan, R.Ramachandran, T.Manishankar and S.Srinivasan to undergo three years Rigorous Imprisonment.
The Court also imposed a fine of Rs.40,000 each on them, besides a fine of Rs.three crore on M/s A.G.K. Packers and also ordered to pay it to IDBI bank city SME, Chennai as compensation.
The CBI had registered a case on the complaint from IDBI, City MSME Centre June 15, 2012 against M/s A.G.K. Packers represented by its Managing Partner Kumararaja and his brother Ashokan (Partner of the private company).
It was alleged that during the year 2009, the accused availed various credit facilities to the tune of Rs.three crore from the bank by submitting false, fabricated and forged documents as collateral security, diverted the funds to their personal use and failed to repay the loan.
A loss of Rs.3.72 crore was caused to IDBI bank. After investigation, the CBI filed the chargesheet before the Chief Judicial Magistrate, Trichy on June 5, 2013 against the accused. The Trial Court found the said accused guilty and convicted them.
