CHENNAI: The Madras High Court has set aside the conviction and imprisonment of former AIADMK MP KN Ramachandran in a corruption case relating to bribing a top bank official for availing of loans in excess of the permissible limits.
Justice G Jayachandran recently passed the orders to set aside the judgment of a special court for CBI, which convicted Ramachandran and sentenced him to seven years in jail with a fine of Rs 1.11 crore in 2020.
The conviction and sentence of his son R Rajasekaran and the then deputy general manager (DGM) of Central Bank of India R Thiagarajan was also set aside.
“In this case, the prosecution has miserably failed to prove the basic facts by not examining the best evidence, namely, a representative from Marlin Apartments,” Justice Jayachandran said referring to the allegation that Ramachandran had arranged for air tickets and stay of Thiagarajan’s son and other family in the US.
The DGM was accused of sanctioning a loan of Rs 7 crore even though the overall exposure of the trust stood around Rs 15 crore. As a quid pro quo, Ramachandran allegedly arranged for his son and family to travel abroad and stay.