Chennai, Nov 26 (FN Bureau) A CBI Court in Madurai awarded three years RigorousImprisonment (RI) to ex-IOB Manager and two others, including a doctor, in abank fraud case of 2010 on Monday. The Special Judge for CBI Cases, Madurai sentenced three accused including G. Balasubramanian, then Chief Manager of the Indian Overseas Bank (IOB), Palayamkottai Branch in Tirunelveli district of Tamil Nadu) and two others, N. Kalyanasundaram and Dr M.Ammamuthu to 3 Years’ RI. The Court also imposed a total fine of Rs. three lakh on them. The CBI had registered the case on September 24, 2010 against the accused,including those convicted today on allegations that they entered into a criminalconspiracy to cheat bank, through Term Loan sanctioned to accused Dr Ammamuthufor purported purchase of Doppler Ultra Sound Scanner for his hospital.
The accused allegedly did not intend to purchase any such equipments. In furtherance of the said conspiracy, Kalyanasundaram floated a fictitious firmin the name of Mls Panaceas Surgical and Medical Equipments and Balasubramanian, the then Chief Manager allegedly conspired with Kalyanasundaram and Ammamuthuand abused his official position by corrupt or illegal means, violating the norms. He allegedly allowed irregular and improper term loan of Rs. 33,20,819/- to Dr. Ammamuthu and obtained pecuniary advantage, causing a wrongful loss to thebank. After the completion of investigation, chargesheet was filed on December 27, 2011against Balasubramanian, Kalyanasundaram and Ammamuthu. After trial, the Court found the accused guilty, convicted and sentenced them accordingly.