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Former Indian Bank CMD convicted by special CBI court

Press Trust of India  |  New Delhi 

Former Chairman-cum-Managing of M and two other ex- officials of the have been convicted by a special in nearly 25 years after they committed cheating of about Rs 18.80 crore, an agency said today.

He said the special court, Chennai, sentenced Gopalakrishnan, A V Shanmugasundaram, the then Zonal in New Delhi, and Satish Kumar, then Assistant General Manager, Indian Bank, to three years of rigorous imprisonment and fines from Rs 30,000 to Rs 1.40 lakh.

It was alleged in the FIR that Shanmugasundaram, Satish Kumar and conspired during the period of August 1989 and August 1993 with the of and and Services Ltd,

"In pursuance of the conspiracy, the accused released Rs 18.08 crore as credit facility to the of private firm who cheated the Indian Bank," Abhishek Dayal said.

He said after completion of investigation, charge sheet was filed before the designated at for criminal conspiracy cheating and provisions of prevention of corruption Act.

"During the trial proceedings, the of private firm died, and charges against him were abated. After the trial, the xourt convicted the accused for the said offences," he said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 08 2018. 19:55 IST