Indian Bank senior official held in cheating case

A CBI court today sentenced a senior official of city-based public sector Indian Bank to one year rigorous imprisonment in connection with a case of cheating that caused loss of Rs 13.30 lakh to the bank.
Indian Bank Senior Manager V Balakrishnan had sanctioned credit facility to two people in 1991 causing Rs 13.30 lakh loss to the bank's Anna Nagar branch without making any prior verification, a CBI release said.
The CBI Anti-Corruption wing filed the case against Balakrishnan, Indian Overseas Bank Manager, Thiruvottiyur branch, P A Kumaradevan, Indian Bank papervaluer, R Venkatachalapathy, one Dhobi Raju and maid Santhammal.

The release said Kumaradevan availed credit facility in the names of Raju and Santhammal to the tune of Rs 13.30 lakh.
The loans were based on inflated valuation report prepared by Venakatachalapathy based on which Balakrishnan sanctioned it without verification, it said.
The charges against Kumaradevan and Raju were "abated" as the duo died during the course of investigation, it said.
On completion of trial, Additional Special Judge for CBI Cases, K Venkatasamy, sentenced Balakrishnan to undergo one year rigorous imprisonment besides imposing a fine of Rs 15,000.