TWO TO THREE YEARS RIGOROUS IMPRISONMENT WITH FINE OF RS. 14 LAKH TO THEN BRANCH MANAGER OF PUNJAB NATIONAL BANK & FOUR PRIVATE PERSONS FOR CAUSING LOSS OF RS. 3.34 CRORE TO BANK

Press Release
New Delhi, 01.03.2017

         

         The Special Judge for CBI Cases, Chennai has sentenced Shri K.Y. Subramanian, then Manager, Punjab National Bank, Adyar Branch, Chennai and two private persons Shri D. Kalaiselvam & Shri N. Devaraj to undergo two years Rigorous Imprisonment and also other two private persons Shri S. Vijayakumar & Shri Ravi to undergo three years Rigorous Imprisonment. A total fine of Rs. 14 lakh have been imposed on them.

        CBI had registered a case against Senior Manager, Senior Regional Manager of Punjab National Bank, Zonal office, Chennai; then Manager, Punjab National Bank, Adyar Branch, Chennai and the Proprietors of various private firms in Chennai. It was alleged that the accused bank officials had entered into a conspiracy with the private persons and fraudulently sanctioned various facilities viz., Term Loan, Credit facilities, Bill discounting etc., to the private firms based on the forged & fake documents submitted by them as collateral security. A loss of Rs. 3.34 crore (approx) was caused to the Punjab National Bank. After investigation, a chargesheet was filed in the Designated Court.

        The Trial Court convicted the said accused persons and acquitted then Senior Regional Manager of Punjab National Bank. During trial, then Senior Manager of said Bank expired and charges against him abated.


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