Summary:
By Express News ServiceCHENNAI: Former chairman and managing director of Indian Bank, M Gopalakrishnan and 16 others were convicted and sentenced to three years rigorous imprisonment in a 1998 bank fraud case. According to the prosecution, the case pertains to a total of 20 people and seven companies aided by M Gopalakrishnan, the then chairman of the Indian Bank, wherein borrowers-mostly small corporates and exporters from the State - were lent a sum of Rs 30 crore from six Indian Bank branches spanning across Chennai. The seven companies- Ramraj Trading Co Pvt Ltd; Jaimatha Farm Dealers Pvt Ltd; Well Stores (Madras)Pvt Ltd; Indeco builders Pvt. However, the money obtained was all funnelled to a (seventh) company named Sathyam Chemicals in collusion with the bank officials. It is alleged that a total of eight officials in collusion with the companies, provided the loan..