CBI sentences 4 ex-Indian Bank officials in fraud case

A special CBI court in Chennai has sentenced four former officials of the Indian Bank, including the chief manager, to three years in jail in a fraud case for causing rupees 39.18 crore losses to the bank.

The court also imposed a fine of rupees 10,000 on each of them for committing the offences.

The four persons are Aziz, the former chief manager; G.V. Srinivasan and, former senior managers; and S. Arunachalam, former general manager.

It also sentenced Ranjiv Batra and his wife Kiran Batra of Kiran Overseas Ltd to undergo 37 months rigorous imprisonment with fine as they were also involved in the conspiracy.

The CBI had registered a case on a complaint from the Indian Bank on allegations that the accused, including Kiran Overseas Ltd and its directors, had caused a huge loss to bank by cheating and forgery.

The accused, in pursuance of the conspiracy, submitted false and forged documents.

The loan amount was released by the four former officials without any sanction and or securing the financial interests of Indian Bank.

The accused failed to repay the loan, causing a loss of Rs 39.18 crore.

After investigation, a charge sheet was filed against the accused.

During trial, four accused public servants of Indian Bank, including the former Chairman and Managing Director, died.

Hence the charge against them had been abated.