THREE TO FIVE YEARS RIGOROUS IMPRISONMENT TO THEN CHIEF MANAGER UNION BANK OF INDIA AND OTHERS IN A BANK FRAUD CASE


 

Press Release
New Delhi, 01.10.2020

The Special Judge for CBI Cases, Chennai has sentenced Sh. R. Kannan, the then Chief Manager, Union Bank of India, Mount Road Branch, Chennai to undergo three years Rigorous Imprisonment with fine of Rs.Two lakh; Smt.Parvathi Ramakrishnan, then Manager, Standard Chartered Bank, Chennai to undergo three years Rigorous Imprisonment with fine of Rs. One lakh; Shri Anurag Jain, then Director of M/s National Medicines Private Limited, Chennai to undergo five years Rigorous Imprisonment with fine of Rs. Four lakh and Smt. K. Manjula, then Director of said firm to undergo three years Rigorous Imprisonment with fine of Rs. One lakh in a bank fraud case. A fine of Rs. Two lakh was also imposed to M/s National Medicines Private Limited.

CBI had registered the case on the allegations that during the period between 2006 & 2007, the Directors of M/s National Medicines Private Limited, Chennai had conspired with Shri R.Kannan, Chief Manager, Union Bank of India, Mount Road Branch, Chennai and Smt.Parvathi Ramakrishnan, Manager, Standard Chartered Bank, Chennai with an intention to cheat the Union Bank of India. In furtherance of said conspiracy, they fraudulently availed the enhanced Cash Credit (CC) facility from Union Bank of India by submitting the disputed property as collateral security and diverted the sanctioned loan amount. Thus the accused cheated the bank. A loss to the tune of Rs.6.19 crore was caused to Union Bank of India.

After investigation, a Charge Sheet was filed against the accused. The Trial Court found the accused guilty and convicted them.

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