Chennai: Bank employees jailed for fraud

Two employees of different banks have been awarded three years' rigorous imprisonment each and fine for their involvement in a fraud case during 2006-2007 with an intention to cheat Union Bank of India. The accused in conspiracy with some private persons cheated the bank. A loss to the tune of Rs 6.19 crore was caused to Union Bank of India.

A special judge for the Central Bureau of Investigation (CBI) sentenced R. Kannan, the then Chief Manager of Union Bank of India, Mount Road Branch in Chennai to undergo three years' rigorous imprisonment with fine of Rs 2 lakh and Parvathi Ramakrishnan, then Manager of Standard Chartered Bank in Chennai to undergo three years' rigorous imprisonment with fine of Rs one lakh in the case.

Besides, the court awarded five years' rigorous imprisonment to Anurag Jain, then Director of National Medicines Private Limited, Chennai with fine of Rs four lakh and K. Manjula, then Director of said firm to undergo three years' rigorous imprisonment with fine of Rs one lakh in the bank fraud case. A fine of Rs two lakh was also imposed on National Medicines Private Limited.

The CBI had registered the case on the allegations that between 2006 and 2007 the Directors of National Medicines Private Limited had conspired with Kannan and Ramakrishnan with an intention to cheat the Union Bank of India. They fraudulently availed the enhanced Cash Credit (CC) facility from Union Bank of India by submitting the disputed property as collateral security and diverted the sanctioned loan amount, the CBI said.

After investigation, the CBI filed a charge sheet against the accused. The trial court found the accused guilty and convicted them.