Ex-Indian Bank CMD held guilty in another graft case

A city court has convicted former Chairman and Managing Director (CMD) of Indian Bank M Gopalakrishnan in yet another case of corruption and sentenced him to two years’ rigorous imprisonment. 

The court for CBI cases also slapped a fine of Rs 8,000 against him in a case of cheating the nationalised bank to the tune of Rs 5.51 crore. Sessions Judge for CBI Cases, A Kandhakumar, convicted 80-year old M Gopalakrishnan and the then zonal Manager of the bank, AV Shanmugasundaram, besides two other bank employees. 

They were convicted for offences, including criminal conspriacy, cheating and under Prvention of Corruption Act. Gopalakrishnan had already been convicted in similar cases earlier. The Central Bureau of Investigation (CBI) had registered 20 cases against him and other bank officials for similar offences in 1990s.

Also, the court convicted two individuals, Ranjiv Batra and Kiran Batra, who represented a Delhi-based firm Kiran Innovations. They were awarded two years’ rigrous imprisonment and fined Rs 32,500.

According to the prosecution case led by the CBI (Economic Offences Wing), Kiran Innovations, headed by Ranjiv Batra, availed huge loans in connivance with the officials of Indian Bank, Chennai, in 1998.

They misused the fund by submitting forged documents and caused a loss of Rs 5.51 crore to Indian Bank.