Chennai: Six persons, including the former chairman and managing director of Indian Bank M. Gopalakrishnan, have been sentenced to two years RI in a case of cheating the bank. Principal special judge for CBI cases A. Kanthakumar also imposed a total fine of Rs 40,500 on the six.
According to CBI, abusing the official powers of Gopalakrishnan and PLKR Srinivasan, M.Aziz and A.V. Shanmughasundaram, then Indian Bank officials of Thousand Lights branch, loan was released to Kiran Innovations, Chennai, and in New Delhi, engaged in leather business, after obtaining forged documents. Ranjiv Batra and Kiran Batra were managing directors of the companies. The companies secured various loan facilities, between 1987 and 1995, in connivance with bank officials by submitting forged documents.
Investigators found that the bank incurred a loss of Rs 5.51 crore as on December 2, 1997 on account of the transaction. On Thursday, the court convicted all the accused and sentenced them to two years RI. The court later granted them bail.
