Three Years Rigorous Imprisonment to Two Private Company Directors And Two Years Rigorous Imprisonment to a Bank Manager in a Bank Fraud Case

Sh. S. Sakthivel and Smt S. Vijayakumari, both Directors of M/s Sun Bio-Manure (P) Ltd, Panamarapatty Village, District Namakkal, have been sentenced to three years Rigorous Imprisonment with fines of Rs. 1.5 lakh each by the Special Judge, CBI cases, Coimbatore (Tamil Nadu), and Shri S. Balasubramanian, then Branch Manager of Indian Bank, Veerapandi Branch, Salem M/s Sun Bio Manure (P) Ltd has also been fined Rs. 1.5 lakh. All of the defendants were fined a total of Rs. 6.5 lakh.

On 29.01.2010, the CBI filed a case against the accused, alleging that the accused conspired to defraud an Indian bank by impersonating, intentionally submitting forged documents as genuine, fraudulently obtaining credit from the bank, and diverting the funds, not repaying the instalments as per the loan sanction order’s conditions. It was also claimed that the Branch Manager of Indian Bank accepted faked mortgage documents in the Bank’s favour and issued credit limits without following the stage-wise release procedure and in violation of the loan’s terms and conditions. Indian Bank, Veerapandi Branch, Salem, suffered a loss of Rs. 261.63 lakh (approximately).

After an inquiry, a charge sheet was filed with the Special Judge for CBI Cases in Coimbatore on December 15, 2010. The defendants were found guilty and convicted by the Trial Court.