A CBI Special Court here on Thursday sentenced three persons of a private firm to seven years’ RI in a bank fraud case. It also sentenced three former bank officials of Allahabad Bank, International Branch, Anna Salai, to three years’ imprisonment.
According to the Central Bureau of Investigation (CBI), P. Srinivasulu Reddy and S. Gopu, managing partners of a private firm in Anna Nagar, and their relative, K. Ganesh, hatched a criminal conspiracy with then managers of Allahabad Bank, M. Gowthaman, A. Sreedharan and S.K. Banerjee.
In 2003, the partners of the firm applied for ‘Packing Credit and Foreign Bill Purchase’ facilities by submitting forged documents and availed the facilities without any genuine export, and misappropriated the bank’s funds. They caused a loss to the tune of Rs. 1.76 crore to the bank.
E.M.K.S. Siddharthar, XI Additional Special Judge for CBI cases, also imposed a fine of Rs. 6.03 crore on the convicts.
