CBI arrests bank fraud offender after 15 years

CHENNAI: The Central Bureau of Investigation has arrested a proclaimed offender, who has been absconding for over 15 years, in a bank fraud case.

Directors of Chennai-based M/s Sun Bio Manure Pvt Ltd, S Sakthivel, S Vijayakumari, and P Arokiasamy, had availed a loan of Rs 2.01 crore from Indian Bank's Veerapandi Branch in Salem for agriculture purposes. They mortgaged property which they did not own, thus causing a wrongful loss of Rs 2.01 crore to the bank.

The CBI had then filed a chargesheet in 2010, after a probe, against the directors, private persons and S Balasubramaniyan, Branch Manager, Indian Bank. Arokiasamy has been absconding since the case was registered, and a non-bailable warrant was issued against him.

He was declared a proclaimed offender in 2011, and the CBI successfully arrested him on June 4. He was produced before a magistrate and remanded in judicial custody.