CHENNAI: A special court for Central Bureau of Investigation (CBI) cases in Madurai has found the former chief manager of Indian Overseas Bank (IOB) in Palayamkottai of Tirunelveli district for cheating the bank of Rs 2.42 crore.

As per the official release, the case was registered on September 26, 2010 against the former banker G Balasubramanian and a private chartered accountanton the allegation that they engaged in a criminal conspiracy to cheat the IOB Palayamkottai branch of Rs 2.42 crore.

Furthermore, through the investigation, CBI also found that the banker applied for small-term loans falsely, stating to promote his office automation and also produced forged receipts as if computers were purchased. Balasubramanian had sanctioned the loans, being fully aware that the documents were forged.

Hence, the CBI filed a charge sheet against both accused in December 2011. After completion of trial, the court sentenced the banker to jail. However, the other accused expired during the trial process, thus charges against him were abated.