Chennai, Apr 28: M Gopalakrishnan, former Indian Bank Chairman and MD was awarded 14-year Rigorous Imprisonment (RI) by a CBI court for his involvement in a corruption case which had caused a loss of Rs 8.67 crore to the bank.
Eleventh Additional City Civil and Sessions Court for CBI cases relating to banks and financial institutions, also imposed a similar sentence of 14 years RI on AV Shanmugasundaram, the then AGM of Fort branch in Mumbai.
CBI court also slapped a fine of Rs 70 lakh on Gopalakrishnan and Rs 80 lakh on Shanmugasundaram. Soon after the verdict the police arrested Gopalakrishnan and Shanmugasundaram who were out on bail and lodged in the Chennai Central Prison.
The prosecuting agency in the case CBI claimed that in 1987-92 period, the due entered into a criminal conspiracy and cheated Indian Bank and caused a loss of Rs 8.67 crore to the bank as on Mar 31, 1993.