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New Delhi, Jan 31: The Special Judge for CBI Cases, Chennai has convicted Smt. Nirmala Sundaraman, the then Branch Manager of Indian Bank, Triplicane Branch, Chennai in a bank fraud case and sentenced her to undergo one year Simple Imprisonment with a fine of Rs.5,000/-.
CBI registered a case on 31.05.1991 against Smt. Nirmala Sundararaman, the then Branch Manager, Indian Bank, Triplicane Branch, Chennai and others alleging that during the period 1988-89, the accused persons entered into criminal conspiracy to cheat Indian Bank, Triplicane Branch Chennai. In pursuance of the said conspiracy, Smt. Sundaramal, Proprietrix of M/s Sudha International Films, Chennai had submitted loan application with Indian Bank Triplicane Branch, Chennai for sanctioning overdrafts of Rs.Four lakhs for producing a Tamil feature film. Smt.Nirmala Sundararaman without conducting any pre-sanction verification, recommended & forwarded the said loan application for sanction to competent authority.While the application was under process with the Regional Office /Zonal Office, Smt. Nirmala Sundararaman allowed Smt. Sundaramal to withdraw the loan amount with help of the then Regional Manager. A loss to the tune of Rs.Four lakhs was caused to Indian Bank and corresponding wrongful gain to accused persons. After completion of investigation, a chargesheet was filed against the three accused persons before the Special Judge for CBI Cases, Chennai u/s. 120-B r/w. 420 IPC and Sec. 13(2) r/w. 13(1) (d) of PC Act 1988.
On completion of the trial, the Special Judge convicted Smt.Nirmala Sundararaman for the offence and acquitted other two accused persons.
The Central Bureau of Investigation has registered two cases against certain officials of the Ministry of Railways; unknown officials of Central Excise of Haldia Commissionerate(West Bengal) and two private companies – one based at Jhargram(West Bengal) and other based at Kharagpur(West Bengal) along with the Directors of the said companies.
It was alleged that both the companies were engaged in production of Iron products (Sponge Iron, Pig Iron, etc.) and in this process procured Iron ore from mines of Odisha. As per the policy of Railways, concession was allowed to the Companies who were consuming the Iron ore for domestic consumption. Under such declaration both the private Companies allegedly procured huge amount of Iron ore whereas the Excise Return Forms submitted by these Companies to the Excise Department showed production of much lesser quantity of Iron products. The companies also in connivance with unknown officials of Central Excise allegedly submitted false Excise Return Forms to the Railways, thereby getting larger amount of Rakes from the Railways for transportation of Iron ores. The said private companies with such false pretext of domestic consumption, exported/sold the Iron ore. As a result of this, the Railways incurred loss of about thousand crores by the alleged false declaration given by the companies towards freight.
Simultaneous searches in 32 places at the premises of officials of Railways and Offices of the Companies & the residences of its Directors were conducted. During the searches, incriminating documents; Cash of approx. Rs.8.94 lakh; including KVP, NSC, TDR, FDR etc worth Rs.60 lakh; Hard Disks, Laptops and other miscellaneous files pertaining to the cases were recovered.
Read more / Original news source: http://manipur-mail.com/bank-manager-sentenced-in-a-cbi-case/
