Seven get 10 years in jail for loan fraud

On Tuesday, the judge awarded ten-year imprisonment to the accused.

MADURAI: The CBI court in Madurai awarded ten-year imprisonment to seven persons, including a bank manager and five doctors, for cheating a nationalised bank by obtaining an Rs 3-crore loan using forged documents on the pretext of purchasing medical equipment.

The scam was unearthed during an audit. The CBI sleuths found that one K P Kumar, the then bank manager, had helped eight doctors to obtain a loan of Rs 3 crore under the guise of buying medical equipment for nine hospitals. With the aid of one Shanmugavel, an employee of a private company selling the equipment, they created forged receipts to avail of the loan. On Tuesday, the judge awarded ten-year imprisonment to the accused.