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FRAUD WITH INDIAN BANK WORTH 39.18 CRORE, 3 YRARS RI TO FOUR OFFICIALS INCLUDINN GM OF INDIAN BANK , OTHERS

September 17, 2022 09:18 PM

Face2News/Chennai 

The Special Judge for CBI Cases, Chennai has sentenced Aziz, then Chief Manager, Shri G.V. Srinivasan, then Senior Manager,  Muthiah, then Senior Manager & i S. Arunachalam, then General Manager, all of Indian Bank to undergo three years Rigorous Imprisonment with fine of Rs. 10,000/- each and Shri Ranjiv Batra & his wife Smt. Kiran Batra of M/s. Kiran Overseas Ltd. (both residents of Chennai) to undergo 37 months RI 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 complaint from Indian Bank against the accused on the allegations that the accused including M/s. Kiran Overseas Ltd. & its Directors; officials of Indian Bank and others had caused huge loss to Indian Bank, Thousand Lights Branch, Chennai by cheating, forgery etc. It was further alleged that the accused, in pursuance of the conspiracy submitted false & forged documents.

CBI had registered a case on complaint from Indian Bank against the accused on the allegations that the accused including M/s. Kiran Overseas Ltd. & its Directors; officials of Indian Bank and others had caused huge loss to Indian Bank, Thousand Lights Branch, Chennai by cheating, forgery etc. It was further alleged that the accused, in pursuance of the conspiracy submitted false & 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 loss of Rs. 39.18 crore to Indian Bank. 

After investigation, a charge sheet was filed against the accused. During trial, 4 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.

 
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