New Delhi [India], Mar 1 : A special court on Wednesday sentenced an-ex manager of Punjab National Bank, Adyar Branch Chennai and four others to imprisonment for causing a loss of 3.34 crore to the bank.
The special judge for Central Bureau of Investigation (CBI) sentenced K.Y. Subramanian, then manager of PNB and two other accused D. Kalaiselvam and N. Devaraj to two years of imprisonment. Meanwhile, the Court also announced S. Vijayakumar and Ravi two more accused three years of imprisonment. A collective fine of Rupees 14 lakh has also been slapped on all five accused. The CBI had registered a case against Senior Manager, Senior Regional Manager of Punjab National Bank, Zonal office, Chennai; then Manager, Punjab National Bank, Adyar Branch, Chennai and the Proprietors of various private firms in Chennai.
It is alleged that the accused bank officials had entered into a conspiracy with the private persons and fraudulently sanctioned various facilities viz., Term Loan, Credit facilities, Bill discounting etc., to the private firms based on the forged and fake documents submitted by them as collateral security.
A loss of Rs. 3.34 crore (approx) was caused to the Punjab National Bank. After investigation, a chargesheet was filed in the Designated Court..
Source: ANI
