Coimbatore (Tamil Nadu) (Face2News)
The Special Judge, CBI cases, Coimbatore (Tamil Nadu) has sentenced Sh. S. Sakthivel & Smt S. Vijayakumari both Directors of M/s Sun Bio-Manure (P) Ltd, Panamarapatty Village, District Namakkal to undergo three years Rigorous Imprisonment with fine of Rs. 1.5 lakh each and Shri S. Balasubramanian then Branch Manager of Indian Bank, Veerapandi Branch, Salem (Tamil Nadu) to undergo two years Rigorous Imprisonment with fine of Rs. 2 lakh. A fine of Rs. 1.5 lakh was also imposed on M/s Sun Bio Manure (P) Ltd. Thus, a total fine of Rs. 6.5 lakh was imposed on all the convicts.
(SUBHEAD)CBI had registered a case on 29.01.2010 against the accused on the allegations that the accused entered into a conspiracy to cheat Indian bank, by impersonation, intentionally submitted forged documents as genuine, availed credit facilities from the Bank fraudulently and diverted the money thus not repaying the instalments as per the conditions stipulated in the loan sanction order.
It was further alleged that the Branch Manager, Indian Bank accepted the forged documents for mortgage in favour of the Bank and released the credit limits without following the stage-wise release and in violation of the terms & conditions of the loan sanction. A loss of Rs. 261.63 lakh (approx) was caused to Indian Bank, Veerapandi Branch, Salem.
After investigation, charge sheet was filed on 15.12.2010 before the Special Judge, CBI cases, Coimbatore. The Trial Court found the said accused guilty and convicted them.
