Former MP, son sentenced to 7 RI for bank fraud

  • | Thursday | 5th March, 2020

Harish Murali ByExpress News ServiceCHENNAI: A former, MP KN Ramachandran, and his son Rajasekar were on Wednesday sentenced to seven years rigorous imprisonment for taking a loan of Rs 17.28 crore from a nationalised bank by paying bribe to a senior regional manager. Judge D Lingeshwaran, in his order, observed that corruption by elected representatives must be controlled with an iron hand. The regional manager of Central Bank of India R Thiagarajan was sentenced to five-year jail term and a fine of Rs 13.10 lakh. The case pertains to a loan obtained in 2013 by the former MP, who was also trustee of Kannamal Educational Trust, along with his son. The probe found irregularities on the part of the regional manager and the case was referred to CBI.

Harish Murali By Express News Service CHENNAI: A former, MP KN Ramachandran, and his son Rajasekar were on Wednesday sentenced to seven years rigorous imprisonment for taking a loan of Rs 17.28 crore from a nationalised bank by paying bribe to a senior regional manager. Judge D Lingeshwaran, in his order, observed that corruption by elected representatives must be controlled with an iron hand. He also imposed Rs 1.1 crore fine on each. The regional manager of Central Bank of India R Thiagarajan was sentenced to five-year jail term and a fine of Rs 13.10 lakh. Kannammal Education Trust which was also attached in the case was ordered to pay Rs 15.20 crore. The case pertains to a loan obtained in 2013 by the former MP, who was also trustee of Kannamal Educational Trust, along with his son. While the loan was taken for construction of a new campus, the money was allegedly used for other purposes. The probe found irregularities on the part of the regional manager and the case was referred to CBI. Defense counsel argued that the entire transaction was done legally. However, special prosecutor for CBI argued there was electronic evidence of transactions in 2013.

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