Former Indian Bank chairman, four others sentenced

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M. Gopalakrishnan, Former Chairman, Indian Bank, addressing a gathering.File Photo.
The Hindu Archives M. Gopalakrishnan, Former Chairman, Indian Bank, addressing a gathering.File Photo.

A CBI court here yesterday sentenced former Chairman and Managing Director of Indian Bank M Gopalakrishnan and four others to one year imprisonment for defrauding various branches of the bank to the tune of about Rs 6.5 crore.

CBI Principal Sessions Judge S Malathi also ordered Gopalakrishnan, N Ramakrishnan, bank valuer, V Ravikumar of Arul Builders, K Sai Jagannathan of Incom Builders, and Businessman Varadarajulu to pay a fine ranging from Rs 15,000 to 40,000.

According to CBI, the accused furnished inflated value of collateral security for the value of the loan they secured.

Apart from sanctioning the loan without sufficient collateral security, Gopalakrishnan waived the loan amount of 64 lakhs to Arul Builders, 50 lakhs to Incom Builders and Rs.6.72 lakhs to Incom builders.

(This article was published on October 24, 2013)
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