Top IOB official, 2 others sentenced to jail

Top IOB official, 2 others sentenced to jail

A CBI court in Chennai on Tuesday sentenced three persons including a senior official of Indian Overseas Bank (IOB) to two year Rigorous Imprisonment (RI) in a cheating case.

They were convicted for cheating the bank to the tune of Rs 37 lakh and sentenced to two years rigorous imprisonment by  CBI special court in Chennai.

K Venkatasami, additional special judge for CBI Cases, Chennai, also imposed a penalty of Rs 45,000 on the trio – G Vasudevan, senior manager of IOB, Virugambakkam Branch, Chennai, Mahesh Jain, proprietor of KN Enterprises and Sanjay, proprietor of Cooling Equipments of Royapettah.

According to the prosecution, Vasudevan had entered into a criminal conspiracy with two people to cheat the bank in 2002.

He cleared various cheques presented by Sanjay and Mahesh Jain and issued cheques and cash on the same day before presenting the cheques for clearing.

He also allegedlly sanctioned term loans to the duo, which were submitted on the basis of forged and fake documents as collateral security. This resulted in a loss of around Rs 37 lakh to the bank.