Three to seven years rigorous imprisonment to three then branch managers of UCO Bank and others

New Delhi/Jalandhar, September 26, 2013: The Special Judge, Chennai has convicted R. Ramesh Srinivasan; S.Chinathurai  & B. Rameshchandran, then Branch Managers of UCO Bank, Nagapattinam  Branch; N. Vinayagaselvam, partner of M/s  Murugan Builders, Nagapattinam and T.A. Noorjahan Gurantor for causing a loss of Rs.73 lakhs(approx) to UCO Bank.
The Special Judge has sentenced R. Ramesh Srinivasan; S.Chinathurai; B. Rameshchandran, then Branch Managers of UCO Bank, Nagapattinam & T.A. Noorjahan Gurantor to undergo three years Rigorous Imprisonment with total fine of Rs.27,000 and N. Vinayagaselvam, partner of said firm to undergo seven years Rigorous Imprisonment with fine of Rs.3,00,90,000. Out of the total fine amount collected, a sum of Rs.3,00,00,000 (Rupees Three Crores only) shall be paid to UCO Bank, Nagapattinam Branch as compensation and the same shall be debited towards the loan account of N. Vinayagaselvam. The balance amount of Rs.1,17,000 (Rupees One lakh and Seventeen thousand only) is to be treated as Fine amount.
The case was registered by CBI. It was alleged that R. Ramesh Srinivasan; S.Chinathurai & B. Rameshchandran, then Branch Managers, UCO Bank, Nagapattinam; N. Vinayagaselvam & another partner, both of M/s Sri Murugan Builders, Nagapattinam and T.A. Noorjahan Gurantor entered into criminal conspiracy during the period from 1999 to 2002 in the matter of sanctioning/recommending of credit facilities like cash credit, adhoc cash credit, demand loan, working capital term loan & road transport operators loan by way of submitting forged work orders purported to have been issued by PWD, BSNL, etc.,  in favour of M/s Sri Murugan Builders. The then Managers of UCO Bank had sanctioned/recommended the said credit facilities to the firm and also facilitated to avail the loan by way of submitting forged and fabricated documents by impersonation, using the forged documents as genuine. A loss to the tune of Rs.73 lakhs (approx) was caused to UCO Bank, Naagapattinam branch in 2001. The accused persons committed the offence U/s. 120 B r/w 419, 420, 467, 468 and 471 IPC Sec. 13(2) r/w 13(1) of PC Act, 1988.
The Trial Court found five accused persons guilty and convicted them.