CHENNAI: A former senior manager of Indian Overseas Bank along with six others were sentenced to three years imprisonment by a special judge for CBI cases for her involvement in opening a fictitious current account and cheating the bank to the tune of Rs 2.55 crore.
Sakuntala Ashok, the then senior manager of the bank’s regional office, Chennai, was sentenced to three years imprisonment and to pay a fine of Rs 4.60 lakh.
The accused opened fictitious accounts in the name of Gokulam Chits and Finance posing as directors of the company at Chennai and presented three cheques of Catholic Syrian Bank, Chennai, favouring the chit firm for Rs 1 crore, Rs 2 crore and Rs 3 crore.
The proceeds were deposited in three fixed deposits (FDs) in the name of Sree Gokulam Chits and Finance Pvt. Ltd. They also availed themselves of loan of Rs 90 lakh and Rs 1.80 crore against the FDs for Rs 1 crore and Rs 2 crore respectively which was credited into the fictitious account.
The sum was later withdrawn through Frogin Investments having an account at HDFC Bank, Chennai, maintained by Anantharaj Stephen, an accused.