The Hon'ble CBI Special Court, Madurai today i.e. 20.12.2024 sentenced 04 accused including Shri G.Bala Subramanian, then Chief Branch Manager, Indian Overseas Bank, Palayamkottai branch (TN) and three private persons namely Shri N.Kalyanasundaram, Shri N.Mahalingam, and Shri M.Ammamuthu to 3-4 years’ Rigorous Imprisonment (RI) with total fine of Rs 3.4 lakh in a bank fraud case.
Accused Shri G.Bala Subramanian, then Chief Manager, Indian Overseas Bank, Palayamkottai branch (TN) was sentenced to 03 years’ RI with fine of Rs.80,000/-, accused Shri N.Kalyanasundaram to 04 years’ RI with fine of Rs. 1.4 lakh, accused Shri N.Mahalingam to 03 years’ RI with fine of Rs. 60,000/- and Shri M.Ammamuthu to 03 years’ RI with fine of Rs. 60,000/-.
CBI registered the instant case on 24.09.2010 against accused including those convicted. It was alleged that during the period 2007 to 2010, the accused persons entered criminal conspiracy to cheat the Indian Overseas Bank, Palayamkottai Branch, Tirunelveli in the matter of sanctioning open Cash Credit, Term Loan, vehicle Loan, etc by wilful violation of bank norms, without proper credit analysis and thus caused a wrongful loss of Rs.2,42,37,431/- to the bank.
After completion of investigation, chargesheet was filed by CBI on 30.08.2011 against accused including those convicted by the Court. After trial, the Court held accused guilty and sentenced them accordingly.
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