 Online edition of India's National Newspaper Sunday, Mar 06, 2011 ePaper | Mobile/PDA Version |
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Tamil Nadu
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Chennai
CHENNAI: The Central Bureau of Investigation (CBI) on Saturday arrested ten persons, including two bank officials, on charges of a fraud that allegedly caused a loss of Rs. 6 crore to the Union Bank of India. In a statement, the agency said the Anti Corruption Branch had registered a case against G. Kasinathan and V. Kannan, former Managers of Union Bank of India (Tiruvannamalai Branch) and others in connection with serious irregularities committed in the sanction of crop loans and advances given for purchasing tractors, power tillers etc in Tiruvannamalai district. According to an investigator, the bank managers, in collusion with a few others, created fake documents and processed 200 applications in the name of fictitious persons. No tractor/power tiller was actually purchased or crop loan disbursed to any farmer, and the accused persons siphoned off the money. “Fake property documents, no encumbrance certificates, pattas etc were created and used for committing the fraud. No farmer was actually benefitted in this…the Union Bank if India lodged a complaint with the CBI after the money disbursed could not be realised and the property documents were found to be fake,” he said. Rs. 6-crore loss to bank This caused a loss of about Rs. 6 crore to the bank. A special team investigating the case arrested Kasinathan, Kannan, R. Vijayan of Alaputhur, R. Annamalai, proprietor of Sakthivel Engineering Works, Kommanandal, E. Palani, proprietor of Om Motors, Chetpet, B. Pratheek, partner of Shivamalai Motors, Vengikal, A. Arumugam, proprietor of Aruneshwara hi-tech, Tiruvannamalai, R. Prakash partner of Vijay Agro Agencies, Usambadi, Thangavinayagam, manager of Sri Ramajayam Motors, Tiruvannamalai and Nandakumar, proprietor of Sri Ramajayam Motors. The accused persons were produced before a special judge and remanded to judicial custody till March 18.
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