: Observing that “when the protector of public trust becomes a destroyer, the very root of society is affected,’’ a court here sentenced a retired branch manager of the State Bank of Patiala and a chief executive officer (CEO) of a private company to five years of rigorous imprisonment in a three-decade-old corruption case.
Fine imposed
Additional Sessions Judge Pitamber Dutt also imposed a fine of ₹1.01 crore on the company — Keming Tools Co. Limited, Mumbai.
The court found the convicts— C.V. Madan, then manager of the Janakpuri branch of the bank, and 70-year-old H.S. Nageshwaran, CEO of the company, of cheating the bank of ₹3.75 crore. The 74-year-old bank manager had lent the money to the company without any sanction by the higher authorities.
The CBI had registered a case in the matter on a complaint by the regional manager of the bank.
“The loan was disbursed by C.V. Madan in furtherance of a criminal conspiracy hatched by him with convict M/s. Keming Tools Co. Ltd. and convict H.S. Nageshwaran,’’ the judge said.
‘Public interest hampered’
“C.V. Madan, instead of acting as a guard of public interest, indulged in defeating the cause by diverting money of the bank,’’ the judge said. “The counsel for all the convicts have claimed that no pecuniary loss was caused to the bank as M/s. Keming Tools Co. Ltd. paid all the outstanding amount as per the settlement. The contention, however, is not sustainable as the bank suffered loss to the tune of ₹3,59,42,000 despite the settlement,” the judge added.
