Former bank official, two others sentenced to three-year RI

The Second Additional District Court (CBI Cases), Madurai, on Monday sentenced a former Chief Manager of Indian Overseas Bank’s Palayamkottai branch in Tirunelveli district and two others to three-year rigorous imprisonment in a bank fraud case.

Second Additional District Judge (CBI Cases) S. Shunmugavel sentenced the then Chief Manager of the bank G. Balasubramanian, N. Kalyanasundaram and M. Ammamuthu to three-year rigorous imprisonment and also imposed a total fine of ₹3 lakh on them.

The case was registered by the CBI in 2010 against Balasubramanian, Kalyanasundaram and Ammamuthu for entering into a criminal conspiracy to cheat the bank through the term loan sanctioned to Ammamuthu for the purported purchase of Doppler UltraSound Scanner for his hospital.

He did not intend to purchase any such equipment. In furtherance of the conspiracy, Kalyanasundaram floated a fictitious firm. Balasubramanian abused his official position and allowed irregular and improper term loan of ₹33.20 lakh to Ammamuthu and obtained pecuniary advantage, causing wrongful loss to the bank.

Published - November 25, 2024 10:29 pm IST