CHENNAI: A special court for CBI cases on Friday sentenced two people, including a former bank manager, to 4 years of rigorous imprisonment (RI), for cheating the bank of Rs 1.6 crore by obtaining loans using forged documents. The court also imposed a total fine of Rs 10 lakh on both.
According to the special public prosecutor, MV Dinakar, M Arjunan, the then chief manager, Union Bank of India, and Vinayagam, who was a partner of Sri Venkateswara Imports and Exports Chennai, colluded and forged documents to obtain loan of Rs 1.6 crore in 2006.
With no returns to the bank in the loan account, the bank in its internal audit, found that a total of Rs 1.6 crore was outstanding and was inactive. The bank, in turn, informed the CBI Anti-Corruption Unit.