Four Indian Bank officials sent to 3 years' rigorous imprisonment in Rs 30 cr loan scam

A special CBI court in Chennai has sentenced four senior Indian Bank officials and two others to three years' rigorous imprisonment with a Rs 10,000 fine each in a Rs 30 crore loan scam.

A special CBI court in Chennai has sentenced four senior Indian Bank officials and two others to three years' rigorous imprisonment with a Rs 10,000 fine each in a Rs 30 crore loan scam. The CBI court said Aziz, then Chief Manager, GV Srinivasan, then Senior Manager, Muthiah, then Senior Manager and S Arunachalam, then General Manager, all of Indian Bank, will undergo three years' rigorous imprisonment with fine of Rs 10,000 each and Ranjiv Batra and his wife Kiran Batra of M/s Kiran Overseas Ltd (both residents of Chennai) to undergo 37 months' rigorous imprisonment with fine of Rs 10,000 each. The court has also imposed a fine of Rs 10,000 each on M/s Kiran Overseas Ltd, Chennai and M/s Kiran Overseas Ltd, Delhi.

CBI had registered a case on a complaint from Indian Bank against the accused on the allegations that the accused including M/s Kiran Overseas Ltd and its Directors; officials of Indian Bank and others had caused huge loss to Indian Bank, Thousand Lights Branch, Chennai by cheating and forgery. It was further alleged that the accused, in pursuance of the conspiracy submitted false and forged documents. The loan amount was released by the officials of Indian Bank without any approval/sanction and without securing the financial interests of Indian Bank. The accused failed to repay the loan, causing a loss of Rs 39.18 crore to Indian Bank.

After the investigation, a chargesheet was filed against the accused. During the trial, four accused public servants of Indian Bank including the former Chairman and Managing Director died. Hence the charge against them had been abated. The trial court found the said accused guilty and convicted them. (ANI)

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