According to the prosecution, the Economic Offences Wing of CBI, Chennai investigated a case in against S.Jagannathan, senior manager, IOB for sanctioning credit facilities to Joy Shipping Services Private Limited. Based on inflated collateral security and fabricated documents without adhering to the banking procedures and thereby caused a wrongful loss to the tune of Rs 4.9 crores to the bank. File photo
The special court for CBI here on Wednesday convicted Indian Overseas Bank (IOB) senior manager and sentenced him to undergo seven years of Rigorous Imprisonment (RI) in a forgery case.
When the case came up for hearing, special judge for CBI cases also slapped a fine of Rs 9.2 lakh on him.
According to the prosecution, the Economic Offences Wing of CBI, Chennai investigated a case in against S.Jagannathan, senior manager, IOB for sanctioning credit facilities to Joy Shipping Services Private Limited. Based on inflated collateral security and fabricated documents without adhering to the banking procedures and thereby caused a wrongful loss to the tune of Rs 4.9 crores to the bank.
After completion of the investigation, charge sheet was filed by CBI against the accused persons under various sections of PC Act.
On completion of the trial, Jagannathan was convicted and sentenced to undergo RI of seven years. Five other private persons were also convicted in the same case and a total fine of Rs.19,20,000 was also imposed.