CBI seizes Rs 18 lakh, docus from tainted bank official

The anti-corruption branch of CBI had registered a case against the accused, Rajendran, authorised officer, Group Special Assets Management, Standard Chartered Bank, based on a complaint from S Srivanth Visveshwaran of Coimbatore. Officials said the company represented by Visveshwaran had taken Rs 27.70 crore from the bank’s branch in Coimbatore between 2005 and 2016. But the accounts turned non-performing in 2017 with an outstanding sum of Rs 26.37 crore. The bank appointed Rajendran as the authorised officer to dispose of the immovable properties given as collateral by the borrowers. The properties were reportedly auctioned for Rs 22.11 crore in January against market value of Rs 61.50 crore. 

Aggrieved by the sale, the borrower filed a case before the Debts Recovery Tribunal, Coimbatore, in February, and got a stay against the sale. As the matter was pending before the DRT, the accused allegedly demanded Rs 3 lakh to help the borrower settle the matter. Rajendran was remanded in judicial custody, and further investigation is on.