The Special Court for the trial of CBI cases in Coimbatore on Friday sentenced a former bank manager and two others to undergo imprisonment in a loan scam. Judge S. Govindarajan awarded punishment to G. Ramachandran (65), former manager of Canara Bank’s Samalapuram branch in Tiruppur district; S. Kandasamy (54), proprietor of Rajalakshmi Tex; and M. Marappan (58), the loan applicant.
According to the CBI, Marappan of Tiruppur planned to purchase 16 power loom machines. He approached Kandasamy and obtained a forged quotation-cum-proforma invoice from him. Using fake documents, Marappan applied for a loan in the bank in 2016. Ramachandran, who was the bank manager, sanctioned a loan of ₹ 9. 97 lakh without verifying the documents. The borrower failed to pay monthly instalments and a check conducted by the bank authorities found that the loan was sanctioned without proper verification. This caused loss to the bank to the tune of ₹ 10.20 lakh. The CBI investigated the case and filed chargesheet against the trio.
The court, after completion of the trial, awarded four years of rigorous imprisonment and a fine of ₹80,000 to Ramachandran. Kandasamy and Marappan were awarded three years of rigorous imprisonment and a fine of ₹ 40,000 each.
