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

Press Release
New Delhi , 03.05.2013

            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.

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