CBI Court Sentences Ex-Bank Manager and Company CMD in Triplicane Fraud Case

A CBI court in Chennai has sentenced a former senior manager of the Central Bank of India's Triplicane branch and the managing director of a private firm to seven years of rigorous imprisonment each for their involvement in a housing loan fraud. The judgment, which concluded a legal process lasting over a decade, was delivered by the court on June 29.

The convicted public servant, Deepak V Menon, who served as the senior manager at the Triplicane branch of the bank, was sentenced to seven years of rigorous imprisonment and ordered to pay a fine of ₹65,000. B Sivaganesan, the chairman and managing director of M/s Sree Sasthru Associates Kadanthetti Pvt Ltd, received an identical prison sentence along with a fine of ₹1.17 lakh. The court also imposed a fine of ₹26,000 on the company itself.

The origin of the case dates back to the years 2006 and 2007, during which 28 housing loans were fraudulently sanctioned and disbursed. According to the prosecution, these loans were processed using forged and fabricated documents, resulting in substantial financial loss to the Central Bank of India.

Following a complaint from the bank, the Central Bureau of Investigation (CBI) registered a case on April 29, 2009. The agency's subsequent investigation revealed that the outstanding dues in the fraudulent loan accounts had escalated to more than ₹5.29 crore as of February 2010.

After completing the investigation, CBI officials filed a chargesheet on June 30, 2010, against four accused. The chargesheet named Deepak V Menon, B Sivaganesan, M/s Sree Sasthru Associates Kadanthetti Pvt Ltd, and a private individual named S. Vaidyanathan.

During the trial, S. Vaidyanathan passed away, which led to the abatement of all legal proceedings against him. After examining the evidence and hearing the arguments, the CBI court convicted the remaining accused and awarded the sentences.