THREE YEARS RIGOROUS IMPRISONMENT TO AN OFFICER OF INDIAN BANK IN A FRAUD CASE

Press Release
New Delhi , 22.02.2013

            The Designated Court, Chennai has convicted Shri P.Jayapalan, then Officer of Indian Bank in a fraud case U/s 120B, 420, 406, 467 of IPC & Sec. 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 & 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 Rs. 1.12 crore (approx) was caused to the Indian Bank.

 

            During trial, the Court found the accused guilty and convicted him.

********