Eight people, including the chief manager of an Indian Overseas bank branch and former AIADMK minister Dr Ammamuthu Pillai, have been convicted by a CBI court in defrauding the bank to the tune of Rs 1.58 crore.
Judge S Ganesan sentenced the chief manager Balasubramanian along with another accused Kalyana Sundaram to seven years of rigorous imprisonment (RI) and imposed a fine of Rs 8.2 lakh on the duo.
Six others were sentenced to three years RI.
The accused, including a Siddha doctor, were charged with obtaining a building loan by producing fake documents with the connivance of the bank official in 2004-05.
The Central Bureau of Investigation (CBI) took over the case in 2009.
Dr Ramalakshmi had taken the loan by producing fake documents to build a hospital and the bank official entered into a conspiracy for sanctioning the loan.
Disclaimer: No Business Standard Journalist was involved in creation of this content