Four-year RI for pvt firm manager in bank fraud case

The judge also imposed a fine of Rs 24 lakh on the accused, S Karthikeyan, the then Manager of M/s Shri Shirdi Sai Polimers Private Limited. 

A CBI release said it had registered a case on September 25, 2008 on allegations that the accused persons, including the firm, had entered into a conspiracy in Chennai and had attempted to cheat State Bank of Bikaner and Jaipur, Rajaji Salai Branch, in connivance with its then Chief Manager, and availed of credit facilities by using forged and fake documents fraudulently, causing a loss of Rs 246.35 lakh to the Bank.

The charge sheet was filed under various Sections of the IPC and Prevention of Corruption Act 1988 and substantive offences thereof.

After trial, the court had convicted the accused persons for the offences on July 21, 2016, but during the trial, Karthikeyan, one of the chargesheeted accused, went absconding and the case was split up against him. He was later arrested on June six, 2017 and remanded in judicial custody.

Karthikeyan, as the Manager of Shirdi Sai Polimers, had opened a fictitious current account in the name of M/s Akshaya Homes at Dena Bank, Nungambakkam branch and two more fictitious current accounts in the name of M/s Sri Vari Plastomer at Bank of Maharashtra, Ashok Nagar and Dena Bank, Nungambakkam.

He facilitated the promoter to siphon off the various credit limits availed of from SBI Bikaner and Jaipur branch in connivance with its Chief Manager. The CBI court found Karthikeyan guilty and convicted him on Thursday.