2 Branch Managers of Central Bank convicted in Rs.10 Crore Fraud Case
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Nearly three decades after a major bank fraud case was filed, a CBI court in Chennai has convicted three people in connection with the scam involving GV Films.
The court sentenced T R Venkatraman and P Swaminathan, both working as branch managers in Central Bank of India, to nine years in jail. K Srinivasan, a private individual, was sentenced six years Jail.
| Accused No. | Name of the Accused | Judgment |
|---|---|---|
| A1 | G. Venkateswaran (Private Person) | Expired – Charges Abated |
| A2 | T.R. Venkatraman, then Branch Manager, Central Bank of India | 9 Years RI and a fine of Rs.45,000/- |
| A3 | R. Srinivasan, then Accountant, Central Bank of India | Expired – Charges Abated |
| A4 | D. Viswanathan, then Regional Manager, Regional Office, Central Bank of India | Expired – Charges Abated |
| A5 | P. Swaminathan, then Branch Manager, Central Bank of India | 9 Years RI and a fine of Rs.45,000/- |
| A6 | T. S. Ramachandran, then Chief Manager, Central Bank of India | Expired – Charges Abated |
| A7 | K. Srinivasan, Private Person | 6 Years RI and a fine of Rs.20,000/- |
| A8 | M/s Sujatha Films Ltd, Chennai (Private Company) | Case against the accused has been split up on the Orders of Hon’ble High Court of Madras and Trial is pending before the Hon’ble City Civil Court, Chennai |
| A9 | M/s G. V. Films Ltd., Chennai (Private Company) | A fine of Rs.50,000/- |
CBI had registered the instant case on 30.10.1996, based on a complaint from Central Bank of India, Nungambakkam Branch, Chennai on the allegation that G. Venkateswaran, Pvt. Person and others along with Public Servants of Central Bank of India conspired together during 1988 to 1992 and availed credit facilities and term loan facilities in the names of M/s Sujatha Films Pvt. Ltd and M/s G.V. Films Ltd represented by G. Venkateswaran who dishonestly and fraudulently produced false documents and the Bank Officials by abusing their official position induced the Central Bank of India to part with its funds in favour of accused companies, thereby caused wrongful loss to the Bank to the tune of Rs. 10.19 Crores.
The case dates back to 1996. The CBI registered case based on a complaint from the Central Bank of India. The fraud took place between 1988 and 1992, when G. Venkateswaran of GV Films and others allegedly conspired with bank officials.
They are accused of using false documents to secure loans and credit facilities in the names of GV Films Ltd and Sujatha Films Pvt Ltd, causing a loss of ₹10.19 crore to the bank.
During the long trial, charges against four accused, including G. Venkateswaran, were dropped as they had died. Venkateswaran had died by suicide in 2003, while three senior bank officials also passed away during the proceedings.
The CBI filed its charge sheet in 2000 against nine accused, including GV Films and Sujatha Films. After nearly 29 years, the case has finally reached its verdict.
The Hon’ble Court, after the trial, convicted and sentenced the accused accordingly.
This case highlights how financial frauds not only cause huge losses to banks but also drag on for decades before justice is delivered. It underlines the urgent need for stricter monitoring, faster trials, and stronger accountability in the banking system so that such scams can be prevented in the future and public trust in financial institutions is protected.