Branch Manager Jailed For Fraud

THEN BRANCH MANAGER OF PUNJAB NATIONAL BANK AND SIX OTHERS SENTENCED ONE YEAR RIGOROUS IMPRISONMENT FOR CAUSING LOSS OF Rs.2.08 CRORES (APPROX) TO BANK

Press Release New Delhi, 22.08.2014

The Special Judge for CBI Cases, Coimbatore has convicted Shri Janardhanan, then Branch Manager & V. Palanichetty, Cashier, both of Punjab National Bank, Naal Road Branch, Dindigal and five private persons i.e Shri Govindasamy; Lakshmipathy Raju; Balasubramanim; K. Subramanian & Guruvayoorappan in a bank fraud case and sentenced them to undergo one year Rigorous Imprisonment with fine of Rs.3000/-each.               CBI had registered the case against S/ Shri Janardhanan, then Branch Manager & V. Palanichetty, then Cashier, both of Punjab National Bank ,Naal Road Branch, Dindigal; then Managing Director of a private Paper Mills, Pollachi; Shri Govindasamy, then Managing Director of M/s Jagdeesh Textiles, Udumalpet; Shri Lakshmipathy Raju, then Propreitor, M/s Annai Electricals, Udumalpet; Shri Guruvayoorappan, then Manager of M/s Jagdeeswaran Textiles and five other Associates/Employees (private persons) of said firms on the allegations that during the period 1999, the accused persons entered into criminal conspiracy to cheat Punjab National Bank, Naal Road Branch, Dindigul. In pursuance of the conspiracy, the then Managing Director/Proprietor with the help of their employees & associates had submitted applications on behalf of their firms in the names of non-existing employees towards purchase of house hold items to Punjab National Bank, Dindigul for availing consumer loan by submitting false & forged salary slips, proforma invoices. Shri Janardhanan, the then Branch Manager with the connivance of Shri Palanichetty, then Cashier, both of Punjab National Bank had sanctioned the loans without verifying the genuineness of the applicants. 834 fraudulent loans were sanctioned for Rs.25,000/- each causing a loss totaling to Rs. 2.08 crores (approx.) to Punjab National Bank.               After completion of investigation, charge sheet was filed before Special Judge Court, Coimbatore under sections 120- B r/w 420, 467, 468 r/w 471 IPC & 13(2) r/w 13(1)(d) of PC Act, 1988. During trial, one private person expired and charges against him were abated. On completion of trial, seven accused persons including then Branch Manager & Cashier and five private person were convicted. Three private persons were acquitted from the case. THREE YEARS RIGOROUS IMPRISONMENT WITH FINE OF RS.1.50 LAKH TO THEN CHIEF MANAGER OF BANK FOR CAUSING LOSS OF RS. 35 LAKHS (APPROX) Press Release New Delhi, 21.08.2014         The Special Judge, CBI Cases, Tis Hazari Courts, Delhi has convicted Smt. Sangeeta Bhatt, then Chief Manager of State Bank of Bikaner & Jaipur, New Rohtak Road, New Delhi and sentenced her to undergo three years Rigorous Imprisonment with fine of Rs.1,50,000/- for causing loss of Rs.35 lakhs (approx.) to Bank.           CBI had registered a case on 04.05.2005 against Smt. Sangeeta Bhatt, the then Chief Manager of State Bank of Bikaner & Jaipur (SBBJ) Branch, New Rohtak Road, New Delhi and two Proprietors of private firms on the basis of a complaint. It was alleged that Smt. Bhatt favoured the said private persons with malafide intention to cause loss of Rs.35 lakhs (approx.) to the Bank by permitting indiscriminate purchase of clean cheques.           After completion of the investigation, CBI filed chargesheet on 30.10.2006 in the Court of Special Judge, Delhi against Smt. Sangeeta Bhatt U/s 120-B IPC r/w 13(2) r/w 13(1)(d) of PC Act. Both the Proprietors of said private firms expired and the firms owned by them had no other nominee, as such they were not sent for prosecution.