Former Sr Manager of IOB sentenced to 3 yrs RI

Chennai, Nov 7 (UNI) The Principal Special Court, trying CBI cases, today convicted a former Senior Manager of Indian Overseas Bank (IOB) and three others and sentenced them to three years Rigorous Imprisonment each, for cheating the Bank to the tune of Rs 20 lakh.

Eleventh Additional Special Judge S Rangaraju, passing orders on the case filed by the CBI in 2003, convicted the then Senior Manager of IOB, K Devender Kumar to three years RI and slapped a fine of Rs 20,000.

The judge also sentenced T N Varadarajan, T N Ravichandran and P S Natarajan, partners of Ganga Oil Agencies and awarded them each, three years RI. While Varadarajan and Ravichandran were imposed a fine of Rs 20,000 each, Natarajan was slapped a fine of Rs 30,000.

The CBI case was that Devendra Kumar, the then senior Manager of IOB of Thatha Muthiappan street in the city, had conspired with the other accused and cheated the bank.

In pursuance of the conspiracy, forged documents were submitted by the accused of Ganga agencies, giving an inflated valuation report of a property at Zamin Pallavaram on the outskirts of the city.

Devendra Kumar, by abusing his official position and illegal means, recommended the sanction of cash credit limits and enhancement of the same, causing wrongful loss to the tune of Rs 20 lakhs to the bank, the CBI said.

The accused were charged under sections 120-b, read with 420, 471, read with 466 and other sections of Indian Penal Code (IPC) and section 13(1)(d) of Prevention of Corruption Act.

The judge acquitted K Durairaj, the fifth accused in the case.

The trial against Kuttiammal, the sixth accused in the case was pending, since the case was split up as she was abscoding.

UNI WS VV SY AS1952