The Special Judge for CBI Cases, Chennai has sentenced Indian Bank ex-chief manager Aziz, ex-senior managers G.V. Srinivasan and Muthiah & ex-general manager S. Arunachalam to undergo three years Rigorous Imprisonment with fine of Rs. 10,000 each and Ranjiv Batra & his wife Kiran Batra of M/s. Kiran Overseas Ltd. (both residents of Chennai) to undergo 37 months RI with fine of Rs. 10,000 each.
The Court has also imposed a fine of Rs. 10,000 each on M/s. Kiran Overseas Ltd., Chennai and M/s. Kiran Overseas Ltd., Delhi.
The CBI had registered a case on complaint from Indian Bank against the accused on the allegations that the accused including M/s. Kiran Overseas Ltd. & its Directors; officials of Indian Bank and others had caused huge loss to Indian Bank, Branch Thousand Lights, Chennai by cheating, forgery etc. It was further alleged that the accused, in pursuance of the conspiracy submitted false & forged documents.
The loan amount was released by the officials of Indian Bank without any approval/sanction and without securing the financial interests of Indian Bank. The accused failed to repay the loan, causing loss of Rs. 39.18 crore to Indian Bank.
After investigation, a charge sheet was filed against the accused. During trial, 4 accused public servants of Indian Bank including the former Chairman and Managing Director died. Hence the charge against them had been abated.
The Trial Court found the said accused guilty and convicted them.
