CBI court awards 5 yr RI to Tamil filmmaker in cheating case

A CBI court today sentenced a Tamil filmmaker to five years rigorous imprisonment and slapped a fine of Rs 2.40 crore on him for defrauding a state-run bank to the tune of Rs 2.34 crore.
XI Additional CBI Court judge Venkatasamy convicted filmmaker Abavanan, Chief Manager Rajagopalan, and an Assistant Manager Ramanujam, both employees of Punjab National Bank, Cathedral Road branch here, for various offences under IPC including criminal conspiracy.
While Rajagopalan was sentenced to three years RI and slapped a fine of Rs 15 lakh, Ramanujam was given three years RI and fined Rs.10 lakh.
The bank officials were also convicted under Prevention of Corruption Act.

Two others, PNB Regional Manager H P Subramanian and Thenmozhi, wife of Abavanan, were acquitted.
According to the prosecution, the accused had colluded and cheated the bank to the tune of Rs.2,34,60,000.

Abavanan had availed loan from the bank by utilising the 'Cheque Purchase facility' under which account holders could avail immediate credit equivalent to the value of the cheques they present.
Abavanan had presented various cheques, favouring him to the tune of Rs.3,31,45,000, to the bank and immediately withdrew the entire amount.
However, cheques valued at Rs.96,85,000 alone were realised by the bank later and the remaining cheques amounting to Rs.2,34,60,000 were not, which resulted in a direct loss to the bank and inversely gave wrongful gain to the accused.

Aabavanan shot to fame with his Vijayakant-starrer movies 'Oomai Vizhigal (1986)' and later 'Senthoorapoove,(1988).