NEW DELHI: Over 10 years after a fraud case was registered against two Namakkal-based businessmen for allegedly cheating an Indian Bank branch, a Special Judge, CBI cases, sentenced the duo to three years’ rigorous imprisonment and fined Rs 1.5 lakh each.
In a statement, the CBI said the then Indian Bank branch manager S Balasubramanian based in Salem at the time was also sentenced to undergo two years’ rigorous imprisonment with a fine of Rs 2 lakh.
According to the statement, the CBI registered a case on January 29, 2010, against two directors of Namakkal-based Sub Bio-Manure Pvt Ltd, S Sakthivel and S Vijayakumari, on the allegation that they conspired to cheat Indian Bank by impersonating, submitting forged documents and availing credit facilities.
Besides, they “diverted the money” and did not repay the loan installments. It was also alleged that Balasubramanian accepted the forged documents for mortage in favour of the bank and released the credit limits without following the stage-wise release.
By this, a loss of Rs 261.63 lakh was caused to the Indian Bank branch. Following investigations, the CBI filed a chargesheet on December 15, 2010, in the court of the CBI special judge in Coimbatore.