Chennai : Special Judge CBI Cases, Madurai yesterday has sentenced Punjab National Bank Deputy Manager Selvaraj to 7 years imprisonment in two separate bank fraud cases.

The Anti Corruption Branch of CBI, Chennai has investigated a case resulting in chargesheeting two separate cases against Selvaraj (A-1) and four others. The allegation in the first case is that Selvaraj by abusing his official position conspired with Gnaneswaran (A-2) and Ramamurthy (A-3) to cheat the bank in the matter of sanctioning cash credit limit and in pursuance of the conspiracy, he has sanctioned CC limit of Rs 9.58 lakh to the fictitious company Mangalam Textiles represented by Ramamurthy on the basis of inflated stock statement, inflated valuation report and other fabricated documents prepared by Gnaneswaran, a co-conspirator and submitted by Ramamurthy and thus defrauding the bank. The second case is also on a similar allegation wherein the main accused Selvaraj sanctioned CC limit of Rs.17.25 lakh to the firm by name Durga Textiles represented by Sathiyasekaran (A-3) based on the inflated and fabricated documents prepared by Gnaneswaran. In pursuance of the conspiracy, the proceeds of the CC limits were withdrawn by Madhanlal (A-4) and Sarangan (A-5) brothers of A-2 Gnaneswaram and the amount sanctioned was not used for the purpose for which it was granted. The two separate charge sheets were filed u/s. 120-B r/w 419, 420 IPC and section 13 (2) r/w 13 (1) (d) of PC Act, 1988 before the Special Judge for CBI Cases, Madurai. During trial Sarangan (A-5) died and charges against him was abated. On completion of trial, the Special Judge convicted all the accused persons and sentenced Selvaraj and Gnaneswaran to undergo imprisonment for 7 years in each case. Madhanlal was also sentenced for 7 years and Ramamurthy and Sathiyasekaran was given sentence for 5 years each. A total fine of Rs 4,40,000 has also been imposed on the accused persons, a release said here today.
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