4-years RI, fine for two in bank cheating case

According to the CBI, its anti-corruption branch had registered a case against TSR Vasudevan and C Manohar, who availed of the credit facility to the tune of Rs 1.22 crore from the Indian Overseas Bank. During investigation, the agency found that the loans were availed using false and fabricated documents and without any pre-sanction verification. This caused a loss of Rs 1,22,89,785 to the bank, the CBI said in a statementhere on Friday.

After completing its investigation, the agency filed a chargesheet against Vasudevan and Manohar, charging them under sections 120-B r/w 420, 420, 419, 467, 468 and 471 of the Indian Penal Code, and also Sec 13(2) r/w 13(1)(d) of the Prevention of Corruption Act, 1988, thestatement added.

Delivering the verdict on Friday, S Jawahar, the special judge for CBI cases, Chennai, found the two guilty and awarded them four-year rigorous imprisonment and also imposed fines on them.