INVC NEWS
New Delhi,
The Additional Special Judge for CBI Cases, Madurai, (Tamilnadu) has convicted Sh. K.P.Kumar, the then Senior Manager, Corporation Bank, West Masi Street, Madurai and six private persons i.e. Dr. C.R. Subramanian; Dr. S. Jala Jawahar; Dr. K. Rajavelu; S. Shanmugavel; Dr. B. Banumathi & Dr. M. Sundararajan and sentenced them to undergo 10 Years Rigorous Imprisonment with total fine of Rs.1,80,000 lakh.
CBI registered a case on the allegations that the accused during the period 2004 to 2006 entered into conspiracy to cheat the Corporation Bank, in the matter of sanction of loans for purchase of various medical equipments. The accused medical practitioners with a fraudulent intention siphoned off the sanctioned loan amounts by showing purchase of equipments against forged invoices issued by the supplier who without supply of equipments, encashed the DDs, issued in his favour & deducted commission, before diverting the loan amount. A loss of Rs. 1.04 crore (approx) was caused to Corporation Bank.
The Trial Court found the accused guilty and convicted them.
