Three sentenced to rigorous imprisonment for cheating Canara Bank

CHENNAI: A special court in Chennai on Tuesday sentenced two former officials of Canara Bank along with their accomplice to one year’s rigorous imprisonment in a fraud case filed by the CBI.
According to the prosecution, the Anti-Corruption Branch of the CBI registered a case against chief manager of Canara Bank, Nungambakkam branch, K Srinivasan, manager (credit) Ammaiyappan, managing director of Dhanush Technologies Ltd Narayansamy and its director (finance) A V Srinivasan for fraud.
During 2005-2006, the accused entered into a criminal conspiracy to cheat Canara Bank. By abusing his official position, Ammaiyappan processed the personal loan applications of nine fictitious employees of Dhanush Technologies Ltd submitted by A V Srinivasan and Narayanasamy.
Despite knowing that the documents furnished for availing the loans were fabricated, Srinivasan sanctioned nine personal loans of Rs 2 lakh each. The CBI then chargesheeted the accused under the relevant sections of the IPC and the Prevention of Corruption Act, 1988.
On Tuesday, XI additional special judge for CBI cases S Sengottaiyan sentenced Ammaiyappan, Srinivasan and A V Srinivasan to one year’s rigorous imprisonment. The court also slapped them with a fine of Rs 30,000 each.
The court acquitted Narayanasamy.