JUDGMENT: 3 years RI to officer of Indian Bank in fraud case
Author(s): SK VyasJalandhar, February 22, 2013 : The Designated Court, Chennai has convicted P. Jayapalan, the then Officer of Indian Bank in a fraud case U/s 120B, 420, 406, 467 of IPC and Sections 13(2) r/w 13(1)(d) of PC Act 1988 and...
cityairnews
Feb 22, 2013 12:30
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Jalandhar, February 22, 2013 : The Designated Court, Chennai has convicted P. Jayapalan, the then Officer of Indian Bank in a fraud case U/s 120B, 420, 406, 467 of IPC and Sections 13(2) r/w 13(1)(d) of PC Act 1988 and sentenced him to undergo three years Rigorous Imprisonment with fine of Rs.4,000.
The investigation revealed that the accused entered into criminal conspiracy to cheat Indian Bank, South Usman Road, T.Nagar Branch, Chennai and fraudulently opened 14 trade finance accounts and one Annapoorna Arogya account in the name of different parties without the knowledge/consent of these parties. He diverted the money from these accounts to a common account and thus misappropriated the amount. A loss of about Rs. 1.12 crore was caused to the Indian Bank.
During trial, the Court found the accused guilty and convicted him.
