Bank official, 8 others convicted for fraud

The CBI had registered a case against Subramanian, former Adyar Branch Manager of the bank, its approved valuer R Udayakumar, D Kalaiselvam, N Devaraj, K Shanmugam, K Udayan, V J Vijayakumar, C Singaram, S Vijayakumar, D Senthil, S Elumalai, and S Ravi for cheating Punjab National Bank during 1999.

The probe revealed that Subramaniam had abused his official position as senior manager and sanctioned six loans of Rs five lakh each to six persons for the purpose of purchasing of second hand trucks.

D Kalaiselvam, V J Vijayakumar, D Devaraj and K Udyan had impersonated as D Selvam, V V Kumar, N Nandan and J Vijayan and brought the trucks, based on the fabricated loan documents submitted in the names of the loanees, a CBI release said.

Fabricated sale agreements were submitted by the loanees for purchase of the trucks, in which three registration numbers were of two-wheelers and the other three trucks were already an hypothecation with private financial, it said.

Further to the conspiracy, Vijayakumar, being the guarantor of the said loans submitted fabricated sale agreements and R Udyakumar being the panel valuer of the Bank had inflated the value of the properties submitted as security which were worth Rs 3,18,000 to an exorbitant rate of Rs. 41,80,000, it said.

During the trial, Shanmugam expired and charges against him were abated.

On completion of the trial, E M K S Siddharthar, XI Additional Special Judge for CBI Cases, convicted all the accused.

The court sentenced Subramaniam, Udyakumar, and Ravi to three years rigorous imprisonment, besides sentencing Kalaiselvam, Devaraj, Vijayakumar, S Vijayakumarm, Senthil and Elumalai to seven years rigorous imprisonment.

The court also imposed a total fine of Rs 50,20,000 on the convicts.