Tamil Nadu loan fraud case: Syndicate Bank manager gets 7 years RI

Gunaseelan had sanctioned and released housing loans worth Rs 155.8 lakh to ineligible borrowers. The loan accounts became non performing assets to the tune of Rs 162.7 lakh.
Image for representational purpose. (Express Illustration)
Image for representational purpose. (Express Illustration)

CHENNAI:  N Gunaseelan, a former manager of Syndicate Bank, has been sentenced to undergo seven years of rigorous imprisonment and a fine of Rs 75,000 by an additional district Judge for CBI Cases, Madurai, in a bank fraud case. Gunaseelan had sanctioned and released housing loans worth Rs 155.8 lakh to ineligible borrowers. The loan accounts became non-performing assets to the tune of Rs 162.7 lakh.

The court also sentenced 14 others to undergo rigorous imprisonment for three years along with fines. They include Paul Johnson and A Kumaresan (both to undergo three years RI with a fine of Rs 20,000 each); Jesuvin Febi (three years RI with Rs 30,000 fine); R Mahalingam, C Arumughan, Raja Thomas, R Murali, R Thirupati, G Thangarajan, R Vadamalai, A Jesuraj, Sharun Rashit, P Theradimuthu and S Sundaresan (three years RI with Rs 60,000 fine each).

CBI had registered a case on October 4, 2010, against Gunaseelan on a complaint from Syndicate bank, regional office, Coimbatore. It was alleged that 14 persons conspired with public servants to cheat Syndicate Bank, Dindigul Main Branch. The chargesheet was filed on May 3, 2012, against the accused. The trial court found all 15 guilty.

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