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New Delhi, Feb 26 : The Special Judge for CBI cases, Chennai has convicted K. Udayan and C. Singaram both private persons in a Bank fraud case and sentenced them to undergo seven years Rigorous Imprisonment. A total fine of Rs. 22,00,000/- was also imposed on them.
A case was registered against i K Y Subramanian, former Branch Manager of Punjab National Bank, Adyar Branch, Chennai and ten others and the approved valuer of Punjab National Bank, R.Udayakumar based on the allegation that during the year 1999, the said accused persons entered into a criminal conspiracy to cheat Punjab National Bank, Adyar Branch. In furtherance to the conspiracy, K.Y Subramaniam dishonestly & fraudulently abused his official position as Senior Manager and sanctioned six truck loans for Rs. Five Lakh each for the purpose of purchasing of second hand trucks in the names of private persons, based on the fabricated loan documents submitted in the names of the loanees which were used as genuine. Fabricated sale agreements were submitted by the loanees for the purchase of the trucks in which three Registration numbers were of two wheelers and the other three trucks were already on hypothecation with private financier. Further to the conspiracy, the guarantor of the said loans submitted fabricated sale agreements and Shri R.Udyakumar being the panel valuer of the Bank had inflated the value of the properties submitted as security which were worth Rs.3,18,000/- to an exorbitant rate of Rs.41,80,000/-. K.Y.Subramaniam, then Branch Manager knowing fully well about the fraudulent nature of the loan documents, had sanctioned these loans and thus caused loss of Rs. 30 lakh (approx) to Punjab National Bank.
After the investigation of the case, CBI filed a charge sheet against the accused persons under sections 120-B r/w 420, 468, 419, 467, 468, 467 r/w 471, 468 r/w 471 IPC 109 r/w 419 IPC and 13(2) r/w 13 (1) (d) of PC Act 1988.
During the trial, K Shnmugam expired and charges against him were abated. Shri K.Udayan & Shri Singaram had not attended the Court and the case against them was split up.
The Central Bureau of Investigation has arrested an Income Tax officer for demanding & accepting a bribe of Rs.10,000/- from the Complainant.
A case was registered against one Income Tax Officer working under Director of Income Tax (Exemption), Ahmedabad for demand of Rs.10,000/- as bribe from the complainant for obtaining tax exemption certificate U/s 11 & 80-G of the Income Tax Act for the donors giving donations to a Private Trust. The CBI laid a trap and the Income Tax Officer was caught red handed while demanding & accepting bribe of Rs.10,000/- from the complainant at Ahmedabad.
Searches were conducted at the office & residential premises of the accused. A cash of Rs.8 lacs; property documents showing investments made by him & his family members and incriminating documents were recovered.
The arrested accused was produced before the Special Judge for CBI Cases and remanded to Police custody up to 26.02.2013.
The Special Judge for CBI Cases, Patiala House Courts, New Delhi has convicted R.K.Jain, then Director (Anti Dumping), Ministry of Commerce & Industry, Govt. of India, New Delhi and Kishore Jain, a private person U/s 8,9 & Sec. 13(2) r/w 13(1)(d) of PC Act 1988 in a bribery case. i R.K. Jain was sentenced to undergo three years Rigorous Imprisonment with fine of Rs One Lakh while Kishore Jain was sentenced to undergo two years Rigorous Imprisonment with fine of Rs 50,000/-. The court has also ordered that amount of Rs 7.25 Lacs recovered from the house of R.K. Jain to be confiscated.
Read more / Original news source: http://manipur-mail.com/seven-years-rigorous-imprisonment-in-bank-fraud-case/
