Former chairman of Indian Bank gets 3-yr jail in fraud case

  • | Wednesday | 12th June, 2019

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.

Read Full Article Here

If You Like This Story, Support NYOOOZ

NYOOOZ SUPPORTER

NYOOOZ FRIEND

Your support to NYOOOZ will help us to continue create and publish news for and from smaller cities, which also need equal voice as much as citizens living in bigger cities have through mainstream media organizations.


Stay updated with all the Chennai Latest News headlines here. For more exclusive & live news updates from all around India, stay connected with NYOOOZ.

Related Articles