Ex Bank Officer Jailed In Fraud CAse

Ex-bank official gets 3-year jail term for fraud-Times of India
CHENNAI: A special CBI court here on Tuesday convicted five people, including a former branch manager of Indian Bank, in a banking fraud case. While the former manager was sentenced to three years in jail, the other four were given one-year imprisonment. The bank is said to have suffered a loss of more than Rs 82 lakh as loans were given to five fake firms in 2002-03. 

According to the case registered by CBI, N K Ravindran, the then manager of Indian Bank's Royapuram branch, extended loans worth Rs 75 lakh to five people, who floated fictitious firms. CBI said Ravindran entered into a conspiracy with the five and sanctioned loans and credit facilities of Rs 15 lakh each to five non-existent firms - Dinesh Kumar Mishra's Steelex Impex, Andrew Thamba's Imperial Corporation, S Thiagarajan's Best Computers, V Gopalakrishnan's Vee Gee Kay Enterprise and V G Krishnan's RSV Chemical Corporation. 

The loans were provided on the basis of forged and false documents submitted by the five and their two associates -- Govind Prasad Tiwari and A S Suresh. The approved valuer of the bank, K B Sampath, had submitted fake valuation reports. 

After investigating the case, CBI filed a chargesheet against the accused, charging them with cheating, dishonesty and forgery under four sections of the Indian Penal code and provisions of the Prevention of Corruption Act, 1988. Two of the accused, Mishra and Krishnan, are still absconding and hence trial against them was separated. Suresh died during the trial. 

On Tuesday, the XI additional special judge for CBI cases, E M K S Siddharthar, awarded three years' rigorous imprisonment to Ravindran and slapped him with a fine of Rs 20,000. The approved valuer was sentenced to one year in jail and asked to pay a fine of Rs 10,000. Other accused Tiwari, Thamba and Gopalakrishnan were sentenced to undergo one year of RI each and imposed a total fine of Rs.52,000. The court has issued a non-bailable warrant against Thiagarajan for failing to appear in court.

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