CBI Court sentences five accused including then Manager of Indian Bank; and two then Proprietors and a Managing Director of private firms to 5-7 years’ Rigorous Imprisonment with total fine of Rs93 lakh in a bank fraud case
FinTech BizNews Service
Mumbai, February 27, 2025: The XI Additional District Judge for CBI Cases, Chennai has sentenced five accused including Shri Ignatius Dheepam, then Manager of Indian Bank, Edaikazhinadu Branch, Chennai; Shri J. Muthiah then Proprietor of M/s. Muthu Enterprises, Chennai; Shri M.N. Muralidhar, then Prop. of two firms namely M/s. It’s a Genes Thing, Chennai & M/s. Geomatrix Trading, Chennai; Smt. Priyalakshmi, then Managing Director of M/s. Uniquestep Marine India Pvt. Ltd., Mumbai and M/s. Uniquestep Marine India Pvt. Ltd, Mumbai to 5-7 years’ Rigorous Imprisonment (RI) with total fine of Rs. 93 lakh (including 40 lakh fine imposed on M/s. Uniquestep Marine India Pvt. Ltd.) in a bank fraud case, as per the press release issued by the CBI.
Accused Shri Ignatius Dheepam, then Manager of Indian Bank, Edaikazhinadu Branch, Chennai was sentenced to 7 years’ RI with fine Rs. 2.1 lakh; Shri J. Muthiah and Shri M.N. Muralidhar, were sentenced to 5 Years’ RI with 45,000/- each; Smt. Priyalakshmi was sentenced to 7 Years’ RI with fine of Rs. 50 lakh and Rs. 40 lakh fine was imposed on its M/s. Uniquestep Marine India Pvt. Ltd, Mumbai.
CBI had registered the instant case on 13.02.2013 against Shri M. Ignatius Dheepam then Manager, Indian Bank, Edaikazhinadu Branch, Vettuvankeni, Chennai and others on the basis of complaint preferred by Asst. General Manager, Indian Bank, Kancheepuram on allegations that accused Shri Ignatius Dheepam while working as such entered a criminal conspiracy with other accused persons during the year 2012 with an intention to cheat Indian Bank. On the basis of the request of accused Shri J. Muthiah and Shri M.N. Muralidhar, accused then Manager had opened 04 Letter of Credits (LCs) totaling Rs.19.79 crore in favour of M/s. Uniquestep Marine India Pvt. Ltd., Mumbai represented by Smt. Priyalakshmi. It was further alleged LCs were issued with the forged signature of Shri T. Shanmuganathan, then Dy. Manager, Indian Bank under forged seal of Indian Bank. It was also alleged that accused Bank Manager received an amount of Rs.19 lakhs during the period from 01.11.2012 to 30.11.2012 in his Account held in Indian Bank, Tambaram West Branch from accused Shri Muthiah of M/s. Muthu Enterprises and allegedly played pivotal role in the crime, causing wrongful loss to Indian Bank.
Investigation established that all the 04 LCs were got discounted at SBI, Sir PM Road Branch, Fort, Mumbai on the basis of the acceptance given by accused Shri Ignatius Dheepam, then Manager of Indian Bank, Edaikazhinadu Branch. It was also established that accused then Manager received Rs.19 lakh as undue advantage to his account from the account of accused Shri J. Muthiah.
After completion of investigation, CBI filed charge sheet on 31.12.2023 against the convicted accused.
The Court, after trial, found accused guilty and sentenced them accordingly. All the four accused persons were sent to judicial custody.
