A special court for CBI cases in Chennai has sentenced four former top officials of Indian Bank including a former general manager to imprisonment of three years for causing a loss of ₹39.18 crore to bank through sanctioning loans in a fraudulent manner.

According to the Central Bureau of Investigation(CBI), Aziz, then Chief Manager, G.V. Srinivasan, then Senior Manager, Muthiah, then Senior Manager and S. Arunachalam, then General Manager — all from Indian Bank were convicted and sentenced to three year-rigorous imprisonment with fine of ₹10,000 each. Ranjiv Batra and his wife Kiran Batra of Kiran Overseas Ltd — both residents of Chennai — were also sentenced to undergo a rigorous imprisonment of 37 months and imposed with a fine of ₹10,000 each. The court has also imposed a fine of ₹10,000 each on the firms called Kiran Overseas Ltd., Chennai and Kiran Overseas Ltd, Delhi.

The CBI had registered a case on complaint from Indian Bank against the accused on the allegations that the accused including Kiran Overseas Ltd and its directors; officials of Indian Bank and others had caused huge loss to Indian Bank, Thousand Lights Branch, Chennai by cheating, forgery. It was further alleged that the accused, in pursuance of the conspiracy submitted false and forged documents. The loan amount was released by the officials of Indian Bank without any approval/sanction from competent authorities and without securing the financial interests of Indian Bank. The accused failed to repay the loan, causing loss of ₹39.18 crore to Indian Bank, the CBI said.

After investigation, a charge sheet was filed against the accused. During the trial, 4 accused public servants of Indian Bank, including the former Chairman and Managing Director, died. Hence, the charge against them abated.

______________________________________________