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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.
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