A special CBI court in Chennai has sentenced five individuals, including a former Indian Bank manager and executives of private firms, to rigorous imprisonment (RI) ranging from 5 to 7 years in a bank fraud case. The court also imposed a total fine of ₹93 lakh, including ₹40 lakh on a private company involved in the fraud.
Who Are the Convicted Individuals?
The following individuals were found guilty and sentenced:
- Ignatius Dheepam, former Manager of Indian Bank, Edaikazhinadu Branch, Chennai – 7 years RI, ₹2.1 lakh fine.
- J. Muthiah, former proprietor of M/s. Muthu Enterprises, Chennai – 5 years RI, ₹45,000 fine.
- M.N. Muralidhar, former proprietor of two firms (M/s. It’s a Genes Thing and M/s. Geomatrix Trading, Chennai) – 5 years RI, ₹45,000 fine.
- Priyalakshmi, former Managing Director of M/s. Uniquestep Marine India Pvt. Ltd., Mumbai – 7 years RI, ₹50 lakh fine.
- M/s. Uniquestep Marine India Pvt. Ltd., Mumbai – ₹40 lakh fine.
What Was the Case About?
The Central Bureau of Investigation (CBI) registered the case on February 13, 2013, based on a complaint from the Assistant General Manager of Indian Bank, Kancheepuram. It was alleged that in 2012, Ignatius Dheepam, then a manager at Indian Bank’s Edaikazhinadu Branch, conspired with the other accused to cheat the bank and cause financial losses.
The fraud involved the issuance of four Letters of Credit (LCs) worth ₹19.79 crore to M/s. Uniquestep Marine India Pvt. Ltd., a Mumbai-based company owned by Priyalakshmi. These LCs were issued using forged signatures and an unauthorized bank seal.
Further investigations revealed that Ignatius Dheepam received ₹19 lakh as an illegal benefit from J. Muthiah’s company, M/s. Muthu Enterprises, through his bank account in Indian Bank’s Tambaram West Branch. The funds were later misused, leading to financial losses for Indian Bank.
The fraudulent LCs were later discounted at the SBI branch in Fort, Mumbai, based on approvals given by Ignatius Dheepam.
Court’s Verdict and Sentencing
After a thorough investigation, the CBI filed a chargesheet on December 31, 2023. The court conducted a trial and found all five accused guilty. Following the sentencing, all four individuals were sent to judicial custody.
This conviction highlights the strict stance taken by law enforcement agencies against financial fraud and corruption in banking institutions.
