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Posted on: 2011-12-31/02:32:26 India - Fraud & Cyber Crime News Bank Complaints/
Two persons were today sentenced to six months imprisonment and fined about Rs Two lakh for cheating a bank to the tune of about Rs 16 lakh, following a CBI probe into the case. R Balasubramanian of M/s Multi Metal Industry, Chennai, and J Srinivasan were also fined Rs 1,90,000 for cheating State Bank of Hyderabad, T Nagar Branch, Chennai, to the tune of Rs 16.54 lakh, a CBI release said. In 2004, the Anti-Corruption Bureau of the CBI had registered a case against Balasubramanian, Srinivasan and two others alleging that they in 2002 entered into criminal conspiracy to cheat State Bank of Hyderabad, T Nagar Branch, Chennai. Balasubramanian opened a current account with SBH in the name and style of M/s Multi Metal Industry, while Srinivasan impersonated himself as Naresh Kumar and signed the unregistered partnership deed as one of the partners of M/s Multi Metal Industry and submitted forged documents, the release said. With collateral security from the other two accused, Srinivasan availed cash credit facility, medium term loan and inland LC facility to the tune of Rs 16.54 lakh and misutilised them for their personal needs. The CBI, after its investigation into the case, had said the accused persons can be booked under various sections of the IPC including 420 (Cheating) and 120 B (Criminal conspiracy).
Source: E T Location : Chennai  


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