CBI Court convicts four in bank fraud case

An Additional Special Judge for CBI Cases in Chennai has convicted four people from Bengaluru, for four years of rigorous imprisonment in a bank fraud case, while one person was acquitted. A fine of Rs 30 lakh has also been imposed on each of them totaling to Rs 1.2 crore.

CBI has said that the Anti Corruption Branch (ACB) of CBI, Chennai, registered and investigated the case on the allegations that during the year 1990, the persons including S Ramakrishnan, then chief manager and N Krishnamurthy, manager of Indian Bank, Overseas Branch Chennai, B R Jayanthi and C Punyavathi, partners and Kasinath, chief executive of Madura International, Chennai and B R Badrinath and Srinivasa Rao, approved valuer of Indian Bank conspired to cheat Indian Bank, Overseas Branch, Chennai.

It further stated that as per the allegations, in pursuance of conspiracy Jayanthi, Punyavathi, Kasinath and B R Badrinath submitted altered, forged, fabricated collateral security documents by projecting a property measuring 12 acres as 120 acres in support of the credit facility to the tune of Rs 95.40 lakh and FBP facility for Rs 1.29 crore sought by the firm.

It alleged that knowing fully well about the real worth of the property and the forged nature of the property documents, Krishnamurthy and Rao gave false inspection report and valuation report respectively and Ramakrishnan recommended for the sanction of the facilities and Rs 1.23 crore was released to Madura International.

The CBI filed charge sheet against them under various sections of Prevention of Corruption Act, 1988.

"On completion of trial, Jayanthi, Punyavathi, Kasinath and B R Badrinath were convicted and sentenced to undergo Rigorous Imprisonment of four years. A fine of Rs 30 lakh has also been imposed on each of them totaling to Rs 1.2 crore. However, S Ramakrishnan was acquitted.