Four sentenced to three years imprisonment, slapped fine of Rs 5.87 cr for taking loans by forging documents

THIRUVANANTHAPURAM: Four persons, including a former chief manager of the bank, were sentenced to three years rigorous imprisonment and a fine of Rs 5.87 crore for obtaining loans by forging documents in the name of non-existent institutions.

The Thiruvananthapuram CBI court convicted EGN Rao, former chief manager of Canara Bank in Kottayam, Bobby Jacob, Teenu Bobby and KV Suresh. The scam was said to be for trading purposes of black pepper and cardamom. This was supported by the former bank manager. The second accused and former manager MP Gopinathan Nair was let off by the court.

The court ordered Unnimayakutty, a native of Kottayam who lost the money, to be paid Rs 5 crores, Girija 40 lakhs, Anilraj 25 lakhs and Sivarajan Unnithan 5 lakhs. If the money is not paid, the property of the accused will be confiscated and the money will be collected.

The incident related to the case was in 2004. Loans were taken by presenting fake documents in the name of non-existent entities. Suresh used to lend money at an interest. Land deeds or chequers will be taken from those needing money. After this the title deed will be registered in the name of Bobby Jacob and Tinu Bobby, which they ensure will be registered back when money is returned. The accused the approach the bank with the document, and keep it as collateral for the loan taken. The bank has lost more than Rs 5 crores in the scam.

Public Prosecutor K Senthil Kumar appeared for the prosecution.