Bank of Maharashtra AGM sentenced to 6 Years Jail in Fraud Case
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The CBI Court in Chennai has sent a former AGM of Bank of Maharashtra to 6 years Jail in bank fraud case. Not only AGM, but also an officer and other individuals have been sentenced to rigrous imprisonment.
In a bank fraud case involving ₹171.90 lakhs, the XI Additional Special Judge in Chennai on 30th June 2025 convicted and sentenced four people, including two former Bank of Maharashtra officers, to rigorous imprisonment (RI) ranging from 4 to 16 years. The court also imposed a total fine of ₹1.04 crore on them.
The convicted individuals are:
- R. Ramesh, former Assistant General Manager, Bank of Maharashtra
- Smt. Nirmala, former Officer, Bank of Maharashtra
- T.S.R. Vasudevan, a private person and proprietor of M/s Lalitha Oils
- T. Vetrivel, a private individual
The CBI registered the case on 28th February 2003 following a complaint from the Bank of Maharashtra. The complaint stated that the accused – Vasudevan, T. Palani (proprietor of M/s Tamil Nadu Marketing), and T. Vetrivel (who falsely presented a firm named M/s Vetri Oils) – opened current accounts in the name of their firms at the bank’s Valmiki Nagar Branch, Chennai.
In collusion with bank officials R. Ramesh and Nirmala, who sanctioned bill purchase limits beyond their authority, the accused submitted fake bills under the name of a non-existent firm (M/s Vetri Oils). The funds were misused, causing a financial loss of ₹171.90 lakhs to the bank.
After investigation, a charge sheet was filed on 25th November 2003 against all the accused. During the trial, T. Vetrivel was absconding, so the case against him was split. Later, he surrendered, and the court conducted a joint trial in both cases.
The court has given its verdict as follows:
- T.S.R. Vasudevan was sentenced to 16 years of RI and fined ₹1 crore.
- R. Ramesh and Smt. Nirmala were each sentenced to 6 years of RI and fined ₹1.5 lakh.
- T. Vetrivel received 4 years of RI and a fine of ₹1 lakh.
- Accused T. Palani died during the trial.
Really it is a matter of great happiness happiness diet so high level of officer for bank has been punished by CBI we do not know
how many officers clerks were punished even they were innocent by this AGM during his tenure we look back the books of action taken by this agm easily identify how many persons innocent employees where punished so it is a matter of celebration
It’s a matter of concern that it took 22 years to decide when the bank had already punished him within 1 year and was demoted. Justice delayed is Justice denied. Anyway all is well that ends well. At least he is punished. There are so many persons who openly commit fraud are instead of punishment are being promoted now a days because either they know they have Godfathers who will protect them or they know by the time it will be decided, they would have enjoyed the life or will be watching from heaven. 😑