27 years on, two awarded 3-year RI for bank fraud

The Chennai unit of the CBI’s Economic Offences Wing had registered a case on December 30, 1995, against the accused, charging them of entering into a criminal conspiracy at Chennai, Delhi, and other places in 1993. They were accused of cheating the Indian Overseas Bank (IOB) to the tune of Rs 2.70 crores by producing four false and forged demand drafts purportedly issued by different branches of IOB and five DDs of Bank of Navo Scotia, Mumbai, issued in favour of M/s Subhadra Impex and M/s CPK Traders, both in Chennai.

After completion of investigation, the charge sheet was filed before the Additional Chief Metropolitan Magistrate, Egmore, Chennai, under Sec 120-B read with Sec 420, 467, 467 r/w 471, and 201 of the Indian Penal Code against five persons.

Delivering the verdict on Thursday, the court convicted the first two accused, Rajasekaran and R Natesh Kumar, to three years rigorous imprisonment. The judge also imposed a fine of Rs 30,000 each on them, while acquitting R Ashok Kumar, C Krishna Kumar and Kamal, who were accused in the case.