THEN ASSISTANT MANAGER OF INDIAN OVERSEAS BANK SENTENCED TO UNDERGO TO SEVEN YEARS OF RIGOROUS IMPRISONMENT AND WITH FINE OF Rs.3 CRORES IN A BANK FRAUD CASE

The Special Judge for CBI Cases, Chennai has convicted Shri. R. Lakshmi Narasimhan, then Assistant Manager of Indian Overseas Bank, Mylapore Branch ,Chennai to undergo Rigorous Imprisonment for seven years with a fine of Rs 3 crore. His brother Shri R.Gurumurthy and his father Shri. N.Radhakrishnan ( private persons ) have been sentenced to undergo three years Rigorous Imprisonment with fine of Rs. 20,000 each .

            CBI registered a case against Sh. R Lakshmi Narasimhan former Assistant Manager of Indian Overseas Bank, Mylapore branch, Chennai, and his brothers R.Suriyanarayanan & Shri R.Gurumurthy and his father Shri. N.Radhakrishnan based on the allegations that during the period 1989 to 1991 , the said accused persons along with then Senior Manager of Indian Overseas Bank, Mylapore (since deceased ) and a private person (since deceased) entered into criminal conspiracy to cheat Indian Overseas Bank, Mylapore Branch. In furtherance to the conspiracy. Shri R.Lakshmi Narasimhan then Assistant Manager and other former Senior Manager dishonestly & fraudulently, abused their official position & allowed the overdraft facilities, packing credit, open cash credit etc., facilities to the firms floated by Shri Suriyanarayana, R Gurunmurthy and N Radhakrishnan respectively. These were sanctioned without the approval of the higher authorities and without any security. A loss of Rs. 33.27 Lakh (approx) was caused to Indian Overseas Bank, Mylapore branch.

            After the investigation of the case, CBI filed a charge sheet against Shri. R.Lakshmi Narasimhan; Shri R.Suriyanarayanan; Shri R.Gurumurthy and Shri. N.Radhakrishnan under sections 120-B r/w 420 IPC 13(2) r/w 13 (1) (d) of PC Act 1988.

            During the course of trial Shri R Suriyanarayana expired and charges against him were abated.

            On completion of the trial, the Special Judge for CBI Cases, Chennai, convicted Shri. R.Lakshmi Narasimhan, R.Gurumurthy and N Radhakrishnan.

Source- CBI

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0 responses to “CBI court imposed 3 Crore Fine for cheating of 33 Lakhs”

  1. nagabushanam says:

    This type of judgement only will make to think and may prevent to help or commit any fraud by anyone in future.Otherwise government funds/property will be swindled by a few at the cost of poor public.I wish such judges should be appointed more in high courts & supreme courts

  2. jay says:

    Sh. LN must be cursing those who blessed him ” a long life” –
    a 33 lakh fraud 24 years ago & a penalty of 3 croes today !!! –
    what will the fate of scam worth 76 lakh crore – who will survive to hear the judgement

  3. Soma Visal says:

    Poor Lakshmi Narasimhan whose longevity has put him in trouble while his Senior Manager passed away! See the fate even his father, with another son, has now got the punishment! What a family!!?? The father erred and the whole family now in trouble.

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