CHEATED 14YRS AGO
CBI court convicts bank manager for ₹3cr loan fraud
TIMES NEWS NETWORK
Chennai:01.10.2019
A CBI special court in Chennai on Monday convicted an Indian Bank manager for cheating the bank of ₹3.27 crore 14 years ago.
Branch manager T V Srinivasan and advocate K Nagabhushanam were sentenced to undergo three years imprisonment and fined ₹10 lakh each for forging documents to obtain a housing loan.
Srinivasan, from 2003 to 2005, colluded with five others including the owner of Raj Builders, Rajendra Prasad, now dead, in getting a loan of ₹3.27 crore sanctioned, special public prosecutor M V Dinaker said.
The manager approved housing loans to 68 government employees on basis of forged income certificates, without physically identifying them. The 68, all low-ranking officials at Integral Coach Factory, Southern Railway, Bharat Heavy Electricals Limited and Municipal Corporation, were supposed to use the loans to build houses on a 4.67 acre plot at Galivari Nagar, Arakkonam.
K Nagabhushanam was instrumental in forging salary slips and income certificates, the prosecution said. In 2009, Indian Bank in an internal audit found that all the documents submitted were forged and the housing loan accounts turned inoperative. A complaint was filed with the Economic Offences Wing of CBI, which arrested seven people in 2010 under Prevention of Corruption Act and for cheating. Rajendra Prasad and one other person, Kumari, died during the trial.
Denying the allegations, counsel for the accused submitted that the entire documents were forged by the employees and there was no role of the bank manager who only carried out his duty. He also submitted that the entire money was recovered by the bank through sale of the property and there was no loss to the bank.
S Jawahar, Judge for XI special court for CBI cases, Chennai, said the accused cheated the bank by sanctioning loans for people who were not eligible and created illegal gains and sentenced Srinivasan and Nagabhushanam. The three others arrested were acquitted.
CBI court convicts bank manager for ₹3cr loan fraud
TIMES NEWS NETWORK
Chennai:01.10.2019
A CBI special court in Chennai on Monday convicted an Indian Bank manager for cheating the bank of ₹3.27 crore 14 years ago.
Branch manager T V Srinivasan and advocate K Nagabhushanam were sentenced to undergo three years imprisonment and fined ₹10 lakh each for forging documents to obtain a housing loan.
Srinivasan, from 2003 to 2005, colluded with five others including the owner of Raj Builders, Rajendra Prasad, now dead, in getting a loan of ₹3.27 crore sanctioned, special public prosecutor M V Dinaker said.
The manager approved housing loans to 68 government employees on basis of forged income certificates, without physically identifying them. The 68, all low-ranking officials at Integral Coach Factory, Southern Railway, Bharat Heavy Electricals Limited and Municipal Corporation, were supposed to use the loans to build houses on a 4.67 acre plot at Galivari Nagar, Arakkonam.
K Nagabhushanam was instrumental in forging salary slips and income certificates, the prosecution said. In 2009, Indian Bank in an internal audit found that all the documents submitted were forged and the housing loan accounts turned inoperative. A complaint was filed with the Economic Offences Wing of CBI, which arrested seven people in 2010 under Prevention of Corruption Act and for cheating. Rajendra Prasad and one other person, Kumari, died during the trial.
Denying the allegations, counsel for the accused submitted that the entire documents were forged by the employees and there was no role of the bank manager who only carried out his duty. He also submitted that the entire money was recovered by the bank through sale of the property and there was no loss to the bank.
S Jawahar, Judge for XI special court for CBI cases, Chennai, said the accused cheated the bank by sanctioning loans for people who were not eligible and created illegal gains and sentenced Srinivasan and Nagabhushanam. The three others arrested were acquitted.
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