Bank fraud: Trio gets 3-year RI
Another accused in the case, S Karthikeyan has also been sentenced to undergo three years rigorous imprisonment with a fine of Rs 60,000.
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CHENNAI: The additional district judge, CBI cases, Coimbatore, has sentenced L Kumaresan, former branch manager of Canara Bank in Namakkal and K R Appu, the managing director of Anbu Road Lines and Anbu Roadways (I) Pvt. Ltd., Namakkal, to undergo three-year rigorous imprisonment for causing a loss of Rs 13.23 crore to the bank. The court also imposed a fine of Rs 1.25 lakh on the them.
Another accused in the case, S Karthikeyan has also been sentenced to undergo three years rigorous imprisonment with a fine of Rs 60,000.
CBI had registered a case against the accused on the complaint from Canara Bank that L Kumaresan, KR Appu and others conspired and availed various credit limits in favour of the companies and utilised the same for personal benefits. Kumaresan permitted cheque discounting in the group accounts and sanctioned credit limits beyond his delegated powers, thereby causing a loss of Rs 13.23 crore to the bank.