Former bank official sentenced to three-year RI

Published - June 25, 2024 11:47 pm IST - MADURAI

The Second Additional District Court (CBI Cases), Madurai, has sentenced former Chief Manager of Indian Overseas Bank’s Palayamkottai branch in Tirunelveli district to three-year rigorous imprisonment in a fraud case.

The case was registered by the CBI in 2010 against two persons, the then Chief Manager of the bank G. Balasubramanian and a chartered accountant, R. Sundararaman, for entering into a criminal conspiracy to cheat the bank to the tune of ₹2.42 crore.

It was said that Sundararaman applied for a small term loan purportedly for promoting his office automation and produced forged receipts as if computers had been purchased. Knowing fully well that forged and not genuine receipts had been produced, Balasubramanian accepted them and sanctioned the loan, violating the norms and the guidelines of the bank, which resulted in a wrongful loss of ₹2.42 crore to the bank and corresponding wrongful gain to the accused.

Second Additional District Judge (CBI Cases) S. Shunmugavel sentenced Balasubramanian to three-year rigorous imprisonment and also imposed a fine of ₹95,000 on him. The other accused died during the trial in the case.

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