The Hon’ble Judge Special Court for CBI cases, Madurai has sentenced five accused including Shri G.Balasubramanian, then Chief Manager of Indian Overseas Bank, Palayamkottai branch (TN) and 04 private persons namely Shri N.Kalyanasundaram, Ms.K.Annasaraswathi , Shri D.Mohanraj and Smt. K. Geetha to 03 years’ Rigorous Imprisonment (RI) with total fine of Rs. 6.8 lakh in a bank fraud case.
CBI had registered the instant case on 24.09.2010 against accused including those convicted by the Court. It was alleged that during the period 2007-2009 accused Shri.G Balasubramanian, then Chief Manager of Indian Overseas Bank and other accused entered criminal conspiracy with intent to cheat the Indian Overseas Bank, Palayamkottai Branch, Tirunelveli in the matter of sanction of an open cash credit limit. Shri. G.Balasubramanian by abusing his official position and by corrupt and illegal means sanctioned Rs.80,00,000/- to M/s Kannabiran Packing Industries by violating bankings norms to M/s Kannabiran Packing Industries. The said loan account became NPA, resulting in wrongful loss to the tune of Rs.1,26,91,515/- as on 31.11.2011 to the bank.
After completion of investigation, CBI filed charge sheet on 28.12.2011 against accused including Shri G.Balasubramanian, then Chief Manager Indian Overseas Bank, Palayamkottai branch and others (private persons/borrowers) before the Hon’ble CBI Special Court, Madurai.
The Court, after trial, found aforesaid accused guilty and sentenced them accordingly.
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