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Four sent to jail for INR 3-crore bank fraud: India

Four persons have been sentenced five years of rigorous imprisonment in an INR 3 crore bank fraud case in India.

An alleged loss to the tune of INR 2.60 crore was caused to the Bank.
An alleged loss to the tune of INR 2.60 crore was caused to the Bank. Photo courtesy: Wikimedia

The Additional Chief Judicial Magistrate (ACMM), Egmore, Chennai has sent Tamil Nadu based VMS Jafarullah, VMS Hajee Mohammed, R Rathinakumar and R Vijayakumar to five years of prison with a fine of INR 25,000/- each.

While Thillaiselvan will undergo three years of imprisonment with a fine of Rs 25,000 in a bank fraud case.

The CBI had registered a case on May 20, 2004, on a complaint from Punjab National Bank on the allegations that the accused (private persons) from 1997 to 2002 got sanctioned Foreign Letter of Credit (LC) and Inland Letter of Credit totaling Rs 3 crore (approx.), created false documents such as Invoices, Delivery Note & Bills of Exchange, other related documents in the name of non-existing entities and got the amount released from the bank. 

An alleged loss to the tune of INR 2.60 crore was caused to the Bank.

After investigation, charge-sheet was filed against five accused before the Additional Chief Metropolitan Magistrate, Egmore, Chennai on March 7, 2003.

The Trial Court found the said accused guilty and convicted them.

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CtoI News Desk
CtoI News Desk – CtoI

Singapore-headquartered online media company targeting Indian Diaspora across Singapore, US, UK, India and UAE. Connected to India covers developments around NRIs. Cover arts, political, sports, finance, entrepreneurship, business, movies, dramas, entertainment and other news for Indians living worldwide.

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