Bank official, three others get jail term

Staff Reporter

Coimbatore: Judge of the Special Court for CBI cases and Second Additional District Judge G. Jayachandran on Thursday sentenced a bank manager, two officials of the Southern Railway Employees Co-operative Stores, Podanur and an electronics firm proprietor to three years rigorous imprisonment and slapped on them a fine of Rs 1.90 lakh.

According to N. Sundaravadivelu, Special Public Prosecutor for CBI Cases, Coimbatore, the Central Bureau of Investigation (CBI) had registered a case against four persons G. Srinivasan, Manager of the Central Bank of India, R.S. Puram branch, S. Sundaravadivelu, president of the Southern Railway (Open line) Co-operative Stores, Podanur, R. Jagadeesan, proprietor of an electronic appliances firm, G.S.N. Iqbal, vice-President of the co-operative stores on charges of fraudulent withdrawals from the bank during 2000-2001.

They were accused of withdrawing Rs. 20.80 lakh against the Cent - Buy Scheme loan for purchase of consumer durables without actually supplying any article to the "loan applicants".

The CBI had registered a case against the four under Sections 120 B (Conspiracy), 420 (Cheating), 197 (signing a false certificate) and 198 (using a certificate known to be false) of the Indian Penal Code and under Sections 13 (2) read with 13 (1) (d) of the Prevention of Corruption Act of 1998.

The judge found all the four guilty and sentenced them to three years rigorous imprisonment besides slapping fines on them (Rs 45,000 on the bank official, Rs 55,000 on the president of the co-operative stores, Rs 35,000 electronics firm owner and Rs 55,000 on the vice-president of the co-operative stores).