You are here: Home » PTI Stories » National » News
Business Standard

Bank officials gets one year RI in fraud case

Press Trust of India  |  Chennai 

Two officials of a public sector bankwere today sentenced to one-year rigorous imprisonment by aCBI court here for committing a fraud on the bank and causing a loss of Rs 18 lakh in 2005-06.

Additional Special Judge for CBI, Sengottaiyan, convictedCanara Bank, Nungambakkam branch, (Credit) Manager, Ammaiyappan and its Chief Manager, K Srinivasan, besides the Managing Director of Dhanush Technologies Ltd, AV Srinivasan, and sentenced all of them to one year rigorous imprisonment.

Investigation revealed that the trio had along with a fewothers entered into a criminal conspiracy and cheated the bank.

Ammaiyappan, by abusing his official position, processedpersonal loan applications of nine "fictitious" employees of Dhanush Technologies.

Chief Manager K Srinivasan sanctioned the nine personal loans of Rs 2 lakh each under Can Budget scheme, causing a loss of Rs 18 lakh to the bank, it said.

CBI filed a charge-sheet against the accused and, on completion of the trial, the CBI Court sentenced them and also imposed a fine of Rs 30,000 each on the three, a CBI release said.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, April 08 2015. 02:22 IST