Chennai: The XI additional special judge for CBI cases, Chennai, has convicted a former manager of a nationalised bank and sentenced to undergo five years rigorous imprisonment on charge of cheating the bank. The court also convicted five others in the case and slapped on them a total fine of Rs 67 lakh. The matter pertains to loan issued by P. Mariappan, the then senior manager, V. Vijayaraghavan, the then manager of Canara Bank, Triplicane branch to P.A. David, Jaina Thomas, W.V. Rajendra Prasad, R. Govindarajalu, G. Elangkumaran, J. Loganathan and R. Laxmipathy.
In 2001-2002, the bank officials entered into a criminal conspiracy with the entrepreneurs at Chennai and other places to cheat Canara Bank. The bank managers sanctioned secured over draft limit of Rs 25 lakh and open cash credit limit of Rs 20 lakh to Maico Agencies and Maico Industries on the security of forged title deeds. Vijayaraghavan sanctioned the amount violating bank rules causing a loss of Rs 69.55 lakh to Canara Bank. The Anti-Corruption Bureau, CBI registered case against them. Mariappan died during the trial.
The XI Additional Special Judge for CBI Cases, K. Venkatasami sentenced Vijayaraghavan and David to five years rigorous imprisonment and gave three years RI to Jaina Thomas, Rajendra Prasad, Govindarajalu and Laxmipathy. The special court has also slapped a total fine of Rs 67 lakh and of this Rs 57.88 lakh would be paid to Canara Bank, Triplicane branch. The judge acquitted G. Elangkumaran and J. Loganathan in the case.
Book top 100 loan defaulters, bankers under NSA, says judge:
While convicting former manager of a nationalised bank and five others on charges of cheating the bank, the XI additional special judge for CBI cases, Chennai, highlighted the ordeal faced by people following demonetisation of old Rs 500 and Rs 1,000 currency notes and recommended to the Central Government to book top 100 bank loan defaulters and bank officials extended loan to them under National Security Act.
Citing media reports concerning the ordeal faced by people following the demonetisation move, special judge K. Venkatasami said irregularities were allegedly committed only by senior bank officials and as a result of economic progress of the country was affected. Recently, a report by the finance ministry noted that nearly 100 persons failed to repay the loan of Rs 14 lakh crore.
Central Government resorted to demonetise higher value currency notes worth Rs 15 lakh crore. Following this, people including poor and middle class stood in long queues to exchange old currencies and they would get only Rs 2,000 currency notes. As per media reports, several people persons died while standing in queues across the country. However, a few senior bank officials, who were assigned the task of exchanging old currencies, committed irregularities and several crore of Rs 2,000 currencies were seized from rich people.
Instead of distributing Rs 2,000 currency notes to all people, these bank officials gave away the currency notes to rich people by accepting commission. As a result common people faced ordeal and these bank officials acted against the interests of the people. The judge accused the bank officials of showing disparity in collecting loan provided to farmers and to rich and big entrepreneurs.
When bank officials were able to initiate stern action against common people and farmers, they didn’t take stringent action against top 100 bank loan defaulters. Special judge Venkatasami urged the Central government to book the top 100 loan defaulters and bank officials who rendered loan to them.
