Indian Overseas Bank Chief Manager sentenced to three years Jail

 In a fraud case, the former Chief Manager of Indian Overseas Bank’s Palayamkottai branch in Tirunelveli district has been sentenced to three years of rigorous imprisonment by the Second Additional District Court (CBI Cases) in Madurai. The case was filed by the CBI in 2010 against two individuals, G. Balasubramanian, the former Chief Manager of the bank, and a chartered accountant named R. Sundararaman. They were accused of conspiring to cheat the bank of ₹2.42 crore.

According to the investigation, Sundararaman applied for a small term loan, claiming that it was for his office automation, and submitted forged receipts to make it appear as if computers had been purchased. Despite being aware that the receipts were fake, Balasubramanian accepted them and approved the loan, disregarding the bank’s guidelines and regulations. As a result, the bank suffered a loss of ₹2.42 crore, while the accused gained wrongfully from the scheme.

The Second Additional District Judge (CBI Cases), S. Shunmugavel, handed down a three-year rigorous imprisonment sentence to Balasubramanian and also imposed a fine of ₹95,000. The other accused in the case passed away during the trial.