Former Indian Bank Chief Managing Director (CMD) M. Gopalakrishnan and six others were sentenced to two years rigorous imprisonment for causing more than Rs 5 crore loss to the bank.
The verdict came on Friday at a CBI Court in Chennai. Delivering the judgement, VIII Additional City Civil and Sessions Judge for CBI cases A. Kandhakumar also slapped a total fine of Rs 40,500 on them.
Gopalakrishnan was cited as the fourth accused in the Indian Bank scam case, which was investigated by the Economic Offences Wing of the CBI.
The case registered by CBI on July 2,1998, was that M/s Kiran Innovations headed by Ranjiv Batra availed various loan facilities including PC, FBP, and FBN in connivance with the officials of Indian Bank, Chennai. The funds were mis-utilised by submission of forged documents causing a loss of Rs.5.51 crore to the bank.
Cases were registered under various sections of Prevention of Corruption Act, 1988. After trial, the Court convicted M/s Kiran Innovations, Chennai and Delhi, its owners Ranjiv Batra and Kiran Batra, and bank officials Gopalakrishnan, P.L.K.R. Srinivasan, M. Aziz and A.V. Shanmughasundaram.
The verdict came on Friday at a CBI Court in Chennai. Delivering the judgement, VIII Additional City Civil and Sessions Judge for CBI cases A. Kandhakumar also slapped a total fine of Rs 40,500 on them.
Gopalakrishnan was cited as the fourth accused in the Indian Bank scam case, which was investigated by the Economic Offences Wing of the CBI.
The case registered by CBI on July 2,1998, was that M/s Kiran Innovations headed by Ranjiv Batra availed various loan facilities including PC, FBP, and FBN in connivance with the officials of Indian Bank, Chennai. The funds were mis-utilised by submission of forged documents causing a loss of Rs.5.51 crore to the bank.
Cases were registered under various sections of Prevention of Corruption Act, 1988. After trial, the Court convicted M/s Kiran Innovations, Chennai and Delhi, its owners Ranjiv Batra and Kiran Batra, and bank officials Gopalakrishnan, P.L.K.R. Srinivasan, M. Aziz and A.V. Shanmughasundaram.