Madurai Bench of Madras High Court sentenced five convicts to 5 years rigorous imprisonment and a fine of Rs 27 lakh in a bank fraud case. The culprits include Dhanalakshmi Bank, former branch manager (branch manager) of Madurai, former officer of loan recovery tribunal (DRT) and two private persons.
who is guilty?
Those who are punished are: & nbsp; S. Kasimayan & ndash; Former Recovery Officer, DRT, Madurai, & Nbsp; Selvaraj & ndash; Former UDC, DRT, Madurai, & Nbsp; N. Venakeswaran & ndash; Former Branch Manager, Dhanalakshmi Bank, Madurai, & Nbsp; R. Rajesh Kannan & Ndash; Private person, & nbsp; R. Anita & ndash; Guilty UdC’s wife
Significantly, all these were acquitted by the trial court earlier, but the High Court sentenced them on the appeal of the CBI and sentenced them.
what was the whole matter?
CBI registered a case in this case on 30 March 2009. Investigation revealed that former recovery officer S.K. Kasimian deliberately fixed the minimum price of the bank auctioned assets in 2008 below the market price. For this, he gave N.K. The conspiracy hatched with Venakeswaran and other accused. Due to this scam, the bank and the property owner suffered a big loss, while the accused wrongly got financial benefits.
CBI investigation and court verdict
CBI filed a charge sheet against the accused on 6 June 2011 after completing the investigation of the case. But on 7 December 2016, the trial court acquitted all the accused. & NBSP; After this, the CBI filed an appeal in the High Court, in which the Madurai bench of the Madras High Court, accepting the CBI’s appeal, convicted all the accused and sentenced."Text-Align: justify;"> Details of punishment
Madras High Court, former Recovery Officer S.K. Kasimayan and Bank Manager N. Venakeswaran was imprisoned for 5 years rigorous imprisonment and a fine of Rs 6-6 lakh. At the same time, former UDC Selvaraj, R.K. Rajesh Kannan and R.K. Anita was sentenced to 5 years and a fine of Rs 5-5 lakh.
Appeal and punishment in the Supreme Court
A convict challenged this decision in the Supreme Court. The Supreme Court ordered on 27 March 2025 that the High Court can sentence the convicts, but the sentence will be banned for three weeks. & Nbsp; Under this order, Madras High Court has currently started the process of further hearing by stopping the sentence.
It has become clear from this decision that the officers and private people involved in the bank fraud will not get a chance to avoid the law. After the appeal of CBI, this decision of the High Court will also be an example for other bank scam cases.