Fmr bank official slapped with Rs 3 cr penalty

A former official of Indian Overseas Bank has been convicted by a Special Court here in a cheating and graft case and sentenced to undergo an imprisonment of seven years along with staggering fine of Rs 3 crore.
R Lakshmi Narasimhan, then Assistant Manager of IOB has been convicted along with his brother R Gurumurthy and father N Radhakrishnan who were conspirators in the crime.
The court sentenced Narasimhan to undergo seven years of Rigorous Imprisonment whereas Gurumurthy and Radhakrishnan have been sentenced to undergo three years Rigorous Imprisonment with fine of Rs 20,000 each, CBI spokesperson said in a statement.

CBI has booked Narasimhan, his father Radhakrishnan and brothers R Suriyanarayanan and Gurumurthy who entered in criminal conspiracy with Senior Manager of IOB and a private person (both of whom died during course of trial) to cheat the bank's Mylapore Branch here.
"In furtherance to the conspiracy, Narasimhan then Assistant Manager and other former Senior Manager dishonestly and fraudulently, abused their official position and allowed overdraft facilities, packing credit, open cash credit etc, facilities to the firms floated by Suriyanarayana, Gurunmurthy and Radhakrishnan respectively," it said.
The statement said these facilities were sanctioned without the approval of the higher authorities and without any security causing a loss of Rs 33.27 lakh to Indian Overseas Bank, Mylapore branch.

"During the course of trial R Suriyanarayana expired and charges against him were abated," it said.