CHENNAI: Four businessmen involved in a bank fraud case were convicted by a special court here on Thursday.
According to the prosecution, R. Kannan, former branch manager, State Bank of Hyderabad, Koyambedu branch, entered into a criminal conspiracy with S. Ramasawamy, A. Eswaran, Chellam Eswaran, R. Ranganathan and M. Manivannan during 1992-93 and misappropriated Rs.55.56 lakh.
The bank official created fake documents to issue loans on fixed deposit of genuine account-holders to the accused businessmen. The CBI took up investigation. While the bank official died during the course of investigation, Manivannan was absconding.
Ramasawamy, Eswaran, Chellam Eswaran, Ranganathan were imposed a fine of Rs.10,000, Rs.1,000, Rs.1,000 and Rs.5,000 on them respectively.