Three Years Rigorous Imprisonment To Then Senior Manager Of Indian Overseas Bank And Three Others In A Bank Fraud Case
INVC,, Delhi,, The Special Judge for CBI Cases, Chennai convicted Sh. E. Kalyanasundaram, the then Senior Manager of Indian Overseas Bank, and three private persons, namely Shri A.M. Manickam, Shri Ramasamy & Smt. V. Suganya Devi in a bank fraud case. Shri E. Kalyanasundaram & Smt. Suganya Devi were sentenced to undergo three years rigorous imprisonment and Shri A. M. Manickam & Shri M. Ramasamy were sentenced to undergo two years rigorous imprisonment. A total fine of Rs. 27,00,000/- was also imposed on them. Out of which Rs. 26,00,000/- is to be remitted by Smt. Suganya Devi to Indian Overseas Bank, Neyveli T.S. Branch (Tamilnadu). A case was registered on 31.07.2002 against Shri E. Kalyanasundaram, the then Senior Manager of Indian Overseas Bank, Neyveli TS Branch and four other private persons, namely Shri. R. Vadivel, Proprietor of M/s RSV Constructions, Neyvel; Shri A. M. Manickam, Shri M. Ramasamy & Smt. V. Suganya Devi, wife of Shri. Vadivel on the allegations that during the period 1996 to 2002, the accused persons entered into criminal conspiracy to cheat Indian Overseas Bank, Neyveli TS Branch. In pursuance of the conspiracy, Shri E. Kalyanasundaram, then Senior Manager of Indian Overseas Bank had abused his official position & allowed excess withdrawals from the Cash Credit account of M/s RSV Constructions maintained in that branch without proper approval. Further to the conspiracy, Shri Vadivel had issued cheques from the amounts credited in excess in the account of M/s RSV Constructions in favour of his wife Smt.Suganya Devi, who in turn has withdrawn the same for their own use. With the excess withdrawals, the outstanding amount in the cash Credit account of RSV Constructions went upto Rs.29 lakhs as against the sanctioned limit of Rs.4 lakhs and the account had become Non Performing Assets(NPA). In a similar way, Shri. E. Kalyanasundaram had allowed excess withdrawals from the Cash Credit account of Shri M. Ramasamy maintained in the branch, and the outstanding amount in the cash credit account of Shri M. Ramsamy went upto Rs.4.4 lakhs as against the sanctioned limit of Rs.1.8 lakhs. In order to reduce the outstanding amounts in the said two accounts, Sh.E. Kalyanasundaram, again used the deposits in the name of Shri A. M. Manickam which were under lien to Indian Overseas Bank for the letter of guarantee facility enjoyed by Shri Manickam and further recouped the deposits of Shri Manickam by falsification of bank accounts. A loss of Rs. 30.8 lakhs(approx) was caused to Indian Overseas Bank, Neyveli TS Branch. After investigation of the case, CBI filed charge sheet against the accused persons under section 120-B r/w 420, 477 A of IPC, and section 13(2) r/w 13(1)(d) of PC Act, 1988. During the trial, Shri Vadivel expired in the year 2007 and the charges against him were abated.