Face2News/Madurai

The Special Judge for CBI Cases, Madurai on Mondaysentenced three accused including Sh G. Balasubramanian, then Chief Manager of Indian Overseas Bank, Palayamkottai Branch, Tirunelveli (Tamilnadu) and two others, viz; Sh. N. Kalyanasundaram and Sh. M. Ammamuthu to 3 Years’ Rigorous Imprisonment (RI) with total fine of Rs. Three Lakh in a bank fraud case.

CBI had registered the instant case on 24.09.2010 against accused including those convicted today on allegations that accused entered criminal conspiracy to cheat the Indian Overseas Bank, Palayamkottai Branch, Tirunelveli through Term Loan sanctioned to accused Dr. M. Ammamuthu for purported purchase of Doppler Ultra Sound Scanner for his Hospital.

The accused allegedly did not intend to purchase any such equipments. In furtherance of the said conspiracy, accused Sh. Kalyanasundaram floated a fictitious firm in the name of Mls Panaceas Surgical and Medical Equipments. Accused Sh. Balasubramanian, then Chief Manager allegedly conspired with Sh. N. Kalyanasundaram and Dr. M. Ammamuthu and abused his official position by corrupt or illegal means,violating the norms. He allegedly allowed irregular and improper term loan of Rs. 33,20,819/- to Dr. Ammamuthu and obtained pecuniary advantage, causing a wrongful loss to the bank.

After the completion of investigation, chargesheet was filed on 27.12.2011 against against Sh. G. Balasubramanian, then Chief Manager, Indian Overseas Bank, Palayamkottai Branch , Sh. N. Kalyanasundaram and Sh. M. Ammamuthu .

After trial, the Court found the accused guilty and sentenced them accordingly.