CBI: Three To Five Years Rigorous Imprisonment in Bank Fraud Case

The Additional Chief Judicial Magistrate (ACMM), Egmore, Chennai has sentenced Tamil Nadu based Shri V.M.S. Jafarullah, Shri V.M.S. Hajee Mohammed, R. Rathinakumar, R. Vijayakumar, all four to undergo five years Rigorous Imprisonment with fine of Rs. 25,000/- each and Shri S.Thillaiselvan to undergo three years Rigorous Imprisonment with fine of Rs. 25,000/- in a bank fraud case.

CBI had registered a case on 20.05.2004 on complaint from Punjab National Bank on the allegations that the accused (private persons) during 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 Rs. 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 07.03.2006.

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