Face2News/Coimbatore (Tamil Nadu)
The Additional District Judge, CBI Cases, Coimbatore (Tamil Nadu) has sentenced Sh. L. Kumaresan, then Branch Manager, Canara Bank, Namakkal (Tamil Nadu) to undergo three years Rigorous Imprisonment with fine of R. 1.25 lakh; Sh. K.R.Appu, Managing Partner of M/s. Anbu Road Lines & MD of M/s. Anbu Roadways (I) Pvt. Ltd., Namakkal to undergo three years RI with fine of Rs.1.25 Lakh and Sh. S. Karthikeyan, Private Person to undergo three years RI with fine of Rs.60,000/-, for causing huge loss to the bank.
CBI, on a complaint from Canara bank, Namakkal Branch, had registered a case against the accused on the allegations that Shri L.Kumaresan, then Branch Manager, Canara Bank, Namakkal, Shri K.R.Appu, Managing Partner of M/s. Anbu Road Lines & MD of M/s. Anbu Roadways (I) Pvt. Ltd., Namakkal & others were involved in a Conspiracy in the matter of sanctioning, disbursing and availing various Credit limits in favour of group companies of said private persons. It was further alleged that the loans sanctioned by the Branch manager were utilized by the said managing partner for his personal benefits. It was also alleged that the Branch manager permitted cheque discounting in the group accounts and sanctioned credit limits beyond his delegated powers, thereby causing loss of Rs. 13.23 Crore to the bank.
After investigation, Charge Sheet was filed before the Designated Court at Coimbatore on 16.07.2007 against five accused. The Trial Court found the said accused guilty and convicted them. One accused died during trial and one accused was acquitted by the Court.
