Fraud: CBI court convicts former Indian Bank CMD
TNN | Jan 10, 2018, 07:57 IST
CHENNAI: A special CBI court in Chennai has convicted former chairman and managing director of Indian Bank M Gopalakrishnan and two other ex-officials of the bank in Chennai, 25 years after they were accused of swindling about Rs 18.80 crore, the investigating agency said.
According to a press release from the CBI, the special CBI court sentenced Gopalakrishnan, A V Shanmugasundaram, the then zonal manager in New Delhi, and Satish Kumar, then assistant general manager, Indian Bank, New Delhi to three years rigorous imprisonment and fined them sums ranging from Rs 30,000 to Rs 1.40 lakh.
It was alleged in the FIR filed by the CBI that Shanmugasundaram, Satish Kumar and Gopalakrishnan between August 1989 and August 1993 conspired with the director of Scantel Pvt Ltd and Allied Equipment and Services Ltd, New Delhi to cheat thebank.
"In pursuance of the conspiracy, the accused released Rs 18.08 crore as credit facility to the said director of private firm who cheated the Indian Bank," the CBI spokesperson said.
He said after completion of investigation, a chargesheet was filed before the designated court in Chennai for criminal conspiracy and cheating under the provisions of the Prevention of Corruption Act. "During the trial, the director of private firm died and charges against him were abated. After the trial, the court convicted the accused for the said offences," he said.
TNN | Jan 10, 2018, 07:57 IST
CHENNAI: A special CBI court in Chennai has convicted former chairman and managing director of Indian Bank M Gopalakrishnan and two other ex-officials of the bank in Chennai, 25 years after they were accused of swindling about Rs 18.80 crore, the investigating agency said.
According to a press release from the CBI, the special CBI court sentenced Gopalakrishnan, A V Shanmugasundaram, the then zonal manager in New Delhi, and Satish Kumar, then assistant general manager, Indian Bank, New Delhi to three years rigorous imprisonment and fined them sums ranging from Rs 30,000 to Rs 1.40 lakh.
It was alleged in the FIR filed by the CBI that Shanmugasundaram, Satish Kumar and Gopalakrishnan between August 1989 and August 1993 conspired with the director of Scantel Pvt Ltd and Allied Equipment and Services Ltd, New Delhi to cheat thebank.
"In pursuance of the conspiracy, the accused released Rs 18.08 crore as credit facility to the said director of private firm who cheated the Indian Bank," the CBI spokesperson said.
He said after completion of investigation, a chargesheet was filed before the designated court in Chennai for criminal conspiracy and cheating under the provisions of the Prevention of Corruption Act. "During the trial, the director of private firm died and charges against him were abated. After the trial, the court convicted the accused for the said offences," he said.
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