CBI Court sentenced 3 to 5 years Rigorous Imprisonment to 5 Accused in Bank Fraud Case

The Additional Chief Judicial Magistrate (ACMM), Egmore, Chennai has sentenced Tamil Nadu based Shri V.M.S. Jafarullah, Shri V.M.S. Hajee Mohammed, R. Rathinakumar, R. Vijayakumar, all four to undergo five years Rigorous Imprisonment with fine of Rs.25,000/- each and Shri S.Thillaiselvan to undergo three years Rigorous Imprisonment with fine of Rs.25,000/- in a bank fraud case.

On May 20, 2004, the CBI opened an investigation into allegations that the accused (private persons) received sanctioned Foreign Letters of Credit (LC) and Inland Letters of Credit (ILC) totaling Rs. 3 crore (approx.) between 1997 and 2002, created false documents such as invoices, delivery notes, and bills of exchange, and other related documents in the names of non-existent entities, and received the money from the bank. The bank is said to have suffered a loss of Rs. 2.60 crore.

On 07.03.2006, a charge-sheet was submitted against five defendants before the Additional Chief Metropolitan Magistrate in Egmore, Chennai, following an inquiry.

The accused were found guilty and convicted by the Trial Court.