A Special CBI Court in Chennai has sentenced four individuals, including two former Bank of Maharashtra officials, to rigorous imprisonment ranging from four to sixteen years in a ₹1.71 crore bank fraud case.
The convicted include R. Ramesh (ex-AGM) and Nirmala (former bank officer), along with private individuals T.S.R. Vasudevan and T. Vetrivel.
Vasudevan, who masterminded the fraud via a fake firm 'Lalitha Oils', received the harshest sentence&mdash;16 years' RI and a ₹1 crore fine. Ramesh and Nirmala were sentenced to 6 years' RI and fined ₹1.5 lakh each. Vetrivel got 4 years' RI and a ₹1 lakh fine.
The fraud, reported in 2003, involved sanctioning bill purchase facilities using forged documents and fake accounts created under non-existent firms like 'Vetri Oils'. The officials exceeded their powers to facilitate the scam.
Another accused, T. Palani, died during the trial and charges against him were dropped.
The court concluded trials against all accused, convicting them of criminal conspiracy, cheating, and forgery.
[Except for the headline, this article has not been edited by the Benefit News editorial team and is published directly from the IANS news feed.]
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Ex-Bank Officials, Others Jailed Up to 16 Years in ₹1.71 Cr Bank Fraud Case

Chennai CBI court convicts four in 2003 scam involving fake firms, forged bills, and misused bank facilities

Ex-Bank Officials, Others Jailed Up to 16 Years in ₹1.71 Cr Bank Fraud Case

Chennai CBI court convicts four in 2003 scam involving fake firms, forged bills, and misused bank facilities

July 1, 2025 | 20:05 IST