New Delhi (The Hawk): Three accused, including a former senior manager of the Central Bank of India, were given three years of rigorous imprisonment by a special CBI court in Tamil Nadu in connection with a bank loan fraud case.
S. Sakthivel, the then managing director of Chemfree Vegetable Pvt Ltd, M. Vellaichamy, the then senior manager of Central Bank of India, Coimbatore, and C. Bommaiya awarded jail term from the Special Judge for CBI cases in Coimbatore (Tamil Nadu), along with a fine of Rs 1,50,000 for the offence.
On February 21, 2011, the Central Bureau of Investigation (CBI) opened an investigation into claims that Chemfree Vegetable (P) Ltd., Chennai, represented by its managing director Sakthivel, and Vellaichamy, senior manager, Central Bank of India, main branch, Coimbatore, and Bommaiy defrauded the bank of Rs. 1,41,44,861 by submitting forged documents to the Bank and passing them off as genuine before the loan was approved and funds were released.
The accused unlawfully withdrew the money, which was never reimbursed. Vellaichamy caused the Bank to lose money by abusing his position of authority and giving the accused unfair favours.
With interest, the total sum owing was Rs 1,41,44,861.
A charge sheet was submitted against the claimed accused following an inquiry. The three defendants were found guilty and sentenced to prison by the trial court.
(Inputs from Agencies)