A case was registered by CBI on 26.09.2010 against two accused including the accused, then Chief Manager, Indian Overseas Bank, Pallayamkottai Branch, Tirunelveli and a private chartered accountant /borrower
FinTech BizNews Service
Mumbai, June 22, 2024: The Special Judge for CBI Cases, Madurai today convicted accused G. Balasubramanian, then Chief Manager, Indian Overseas Bank, Pallayamkottai Branch, Tirunelveli and sentenced him to undergo 3 years’ Rigorous Imprisonment with a fine of Rs. 95,000/- in a bank fraud case, as per the press release issued by the CBI.
A case was registered by CBI on 26.09.2010 against two accused including the accused, then Chief Manager, Indian Overseas Bank, Pallayamkottai Branch, Tirunelveli and a private charted accountant /borrower on allegations that accused then Chief Manager, Indian Overseas Bank, Pallayamkottai Branch Tirunelveli entered a criminal conspiracy with the other accused (private charted accountant /borrower), with intent to cheat the Indian Overseas Bank, Palayamkottai Branch, Tirunelveli to the tune of Rs. 2,42,37,431/- . It was further alleged that in furtherance of the conspiracy, accused private person applied for Small (Term) loan falsely stating to promote his office automation and also produced forged receipts as if computers were purchased. It was also alleged that knowing fully well that the forged receipts produced by the accused private person are not genuine, the said Chief Manager, Indian Overseas Bank accepted them and sanctioned the loan, by corrupt or illegal means, violating the norms and guidelines of the bank which resulted in wrongful loss of Rs. 2,42,37,431/- to the Bank and corresponding wrongful gain to accused.
After completion of investigation, CBI filed chargesheet against both accused on 27.12.2011.
The Court, after trial, held accused then Chief Manager guilty and sentenced him accordingly. The other accused expired during trial, hence the charges against him were abated.
