Bank fraud: Branch manager awarded 5-year RI

According to the prosecution, the Anti-Corruption Branch of CBI, Chennai, investigated a case on the allegations that S Venkataraman, the then branch manager of Central Bank of India’s Mogappair branch, entered into a criminal conspiracy with T Varadarajan, a partner of VVR Agro Oil Suppliers Ltd Chennai, and K Kothandan, K Durairaj, Deenadayalan and Sankaran.

The official issued a bank guarantee based on forged collateral securities and connected documents, thus causing wrongful loss of Rs 41,71,340 to the Central Bank of India.

After the investigation was completed, the CBI filed a charge sheet against the accused persons under Section 120-B read with Section 420, and sections 467, 468 and 471 of the Indian Penal Code, and also Section 13(2) read with 13(1)(d) of Prevention of Corruption Act, 1988.

On completion of trial, Judge S Jawahar convicted the accused persons, S Venkataraman, K Kothandan and T Varadarajan and sentenced them to undergo rigorous imprisonment of five years, seven years and four years respectively. The XI Special Judge also slapped a fine of Rs 63 lakh on them.