Chennai, July 1:
A CBI Court in Chennai has convicted and sentenced a former manager of Central Bank of India and the CMD of a private firm to undergo seven years Rigorous Imprisonment (RI) in a Rs 5.29 crore housing loan fraud case of 2006-07
The court, in its verdict delivered last evening, convicted and sentenced the accused public servant Deepak V. Menon, then Senior Manager, Central Bank of India, Triplicane Branch, Chennai, a Private Company-M/s SreeSasthru Associates Kadanthetti Pvt. Ltd and its Chief Managing Director (CMD) B.Sivaganesan, in the bank fraud case.
Apart from awarding seven years RI to the duo, the court imposed a fine of Rs 65,000 on the bank manager and Rs 1.17 lakh on Sivaganesan and Rs 26,000 on the firm.
In a release here CBI today said the instant case was registered on April 29, 2009 based on a complaint from the bank alleging fraudulent sanction and disbursement of 28 housing loans during 2006–2007 using forged and fabricated documents, causing substantial loss to the bank and investigations revealed outstanding dues to the tune of over Rs.5.29 crore, as of February 2010.
After investigation, the CBI filed the chargesheet on June 30, 2010 against four accused, including Deepak, Sivaganesan and the firm, and against a private person S.Vaidyanathan.
After the trial, the Court convicted and sentenced the accused accordingly.
As the accused Vaidyanathan died during the trial, the case against him was abated.