CHENNAI: The manager of Adyar branch of Punjab National Bank was sentenced to two years of rigorous imprisonment for financial irregularities totalling Rs 3.34 crore. The verdict was delivered by the additional special judge for CBI cases, K Venkatasami, on Tuesday. Four others were convicted and sentenced to varying terms of imprisonment.
The Anti Corruption Branch of CBI, Chennai, investigated a case against the senior manager of the bank, Capt P S Ramanarayan, then senior regional manager, zonal office, H B Subramanian and manager of the branch K Y Subramanian for their role in conspiring with proprietors of various private firms to cheat the bank.
Investigations revealed that the bank officials fraudulently and dishonestly sanctioned various facilities – term loan, credit facilities, bill discounting etc., to the private firms based on forged and fake documents submitted by them as collateral security thus causing a loss of Rs 3.34 crore to the bank and corresponding pecuniary advantage to them.
During trial, Capt Ramanarayan died and charges against him abated. H B Subramanian was acquitted. K Y Subramanian, branch manager and two others – D Kalaiselvam and N Devaraj--were sentenced to undergo two years rigorous imprisonment. Two others, S Vijayakumar and Ravi were convicted and sentenced to three years rigorous imprisonment. A total fine of Rs 14 lakh was imposed on them.