Jalandhar, April 9, 2013: The Special Judge Chennai has convicted, R. Rajendran(a fraudster) U/sec.120-B r/w 420, 468 & 467 of IPC, in a bank fraud case and sentenced him to undergo seven years Rigorous Imprisonment with fine of Rs. 14 lakhs.
The CBI investigation revealed that Rajendran had cheated Indian Bank, South Usman Road, T. Nagar Branch, Chennai and fraudulently opened 14 trade finance accounts and one Annapoorna Arogya account in the name of different parties without their knowledge/consent so as to divert the money from these accounts to a common account and misappropriated the amount. Thereby, he caused a wrongful loss to the Indian Bank to the tune of about Rs.1,12,00,000.
After trial, the court found him guilty and convicted.