Home loan scam: Banker,4 builders get three-year jail
Siddharth.Prabhakar@timesgroup.com
Chennai:01.06.2019
A bank manager and four builders, involved in a ₹10 crore scam between 2005 and 2007, have now been found guilty of the fraud by a CBI court and sentenced to three years of imprisonment each, besides being fined up to ₹10 lakh.
In four orders, special judge S Jawahar of the XI additional special court, convicted former manager of Anna Nagar branch of State Bank of Saurashtra (now SBI) Pinaki Bhattacharya and sentenced him to a three-year jail term and impose a fine of ₹9.75 lakh in all the four cases where charges of corruption, forgery and cheating were framed against him.
The builders in the four cases — N Ramji of Balaji foundation, P Vazhuthi of Om Ayangaran, T Karthik Prakash of SK Constructions and Subhash Chandran of Saravana Foundation — were sentenced to undergo imprisonment for three years each, besides a fine of ₹5 lakh each.
Apart from this, M Shanmugasundaram, a technician of Southern Railway’s Loco workshop, K Madhivanan a worker at Chennai Port Trust, and M Jayakumar, a tailor at the Ordinance Clothing Factory (OCF) in Avadi, were also convicted and sentenced in the case.
The banker and bosses of real estate companies connived with the railway employees and offered to build houses for gullible clerical staff in various central government entities during 2005-2007.
M V Dinaker, CBI senior public prosecutor, told TOI all the four cases had a similar modus operandi where the manager conspired with the real estate company owners and others to identify 40-50 lower level central government employees. Though they were ineligible for housing loans, the accused forged their payslips and other documents to get loans sanctioned in their names. The loan sums were then directly transferred into the accounts of the real estate bosses.
The houses that the companies promised to build were in Tiruninravur in Tiruvallur district, in an area where water and electricity connections were not available. “The money was then diverted by the accused to their other projects elsewhere,” Dinaker told TOI.
As a result, many of the accounts turned non-performing assets (NPA) as the loans were not paid.
Most of the gullible people tricked inot the scam were employed in Southern Railway, Integral Coach Factory (ICF), Ordnance Clothing Factory (OCF), Heavy Vehicle Factory (HVF) Avadi, Chennai Port Trust and other such central agencies.
Siddharth.Prabhakar@timesgroup.com
Chennai:01.06.2019
A bank manager and four builders, involved in a ₹10 crore scam between 2005 and 2007, have now been found guilty of the fraud by a CBI court and sentenced to three years of imprisonment each, besides being fined up to ₹10 lakh.
In four orders, special judge S Jawahar of the XI additional special court, convicted former manager of Anna Nagar branch of State Bank of Saurashtra (now SBI) Pinaki Bhattacharya and sentenced him to a three-year jail term and impose a fine of ₹9.75 lakh in all the four cases where charges of corruption, forgery and cheating were framed against him.
The builders in the four cases — N Ramji of Balaji foundation, P Vazhuthi of Om Ayangaran, T Karthik Prakash of SK Constructions and Subhash Chandran of Saravana Foundation — were sentenced to undergo imprisonment for three years each, besides a fine of ₹5 lakh each.
Apart from this, M Shanmugasundaram, a technician of Southern Railway’s Loco workshop, K Madhivanan a worker at Chennai Port Trust, and M Jayakumar, a tailor at the Ordinance Clothing Factory (OCF) in Avadi, were also convicted and sentenced in the case.
The banker and bosses of real estate companies connived with the railway employees and offered to build houses for gullible clerical staff in various central government entities during 2005-2007.
M V Dinaker, CBI senior public prosecutor, told TOI all the four cases had a similar modus operandi where the manager conspired with the real estate company owners and others to identify 40-50 lower level central government employees. Though they were ineligible for housing loans, the accused forged their payslips and other documents to get loans sanctioned in their names. The loan sums were then directly transferred into the accounts of the real estate bosses.
The houses that the companies promised to build were in Tiruninravur in Tiruvallur district, in an area where water and electricity connections were not available. “The money was then diverted by the accused to their other projects elsewhere,” Dinaker told TOI.
As a result, many of the accounts turned non-performing assets (NPA) as the loans were not paid.
Most of the gullible people tricked inot the scam were employed in Southern Railway, Integral Coach Factory (ICF), Ordnance Clothing Factory (OCF), Heavy Vehicle Factory (HVF) Avadi, Chennai Port Trust and other such central agencies.
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