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Wednesday, February 21, 2024

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


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Chennai: 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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