Two Senior Managers of Central Bank of India have been sentenced to jail by CBI. A senior manager has been sentenced to 7 years jail and another senior manager has been sentenced to 1 year jail in separate cases.
1st Case: Senior Manager sent to 7 years Jail
A CBI Court in Chennai has sentenced a former Senior Manager of Central Bank of India and the Chief Managing Director (CMD) of a private company to seven years of rigorous imprisonment in a housing loan fraud case.
The court convicted Deepak V. Menon, who was serving as Senior Manager at the Central Bank of India, Triplicane Branch, Chennai, along with B. Sivaganesan, Chief Managing Director of M/s Sree Sasthru Associates Kadanthhetti Pvt. Ltd. The private company was also found guilty in the bank fraud case.
The court sentenced Deepak V. Menon to seven years of rigorous imprisonment and imposed a fine of ₹65,000. B. Sivaganesan was also sentenced to seven years of rigorous imprisonment and fined ₹1.17 lakh. In addition, the private company was fined ₹26,000.
According to the CBI, the fraud took place during 2006-07 when 28 housing loans were fraudulently sanctioned and disbursed using forged and fabricated documents. The investigation found that the fraud caused a significant financial loss to Central Bank of India. As of February 2010, the outstanding dues in these loan accounts had crossed ₹5.29 crore.
The CBI registered the case on April 29, 2009, after receiving a complaint from Central Bank of India. The bank alleged that housing loans had been approved and disbursed using fake documents.
After completing the investigation, the CBI filed a charge sheet on June 30, 2010, against four accused, including Deepak V. Menon, B. Sivaganesan, the private company M/s Sree Sasthru Associates Kadanthhetti Pvt. Ltd., and a private individual, S. Vaidyanathan.
During the trial, S. Vaidyanathan passed away, and the case against him was closed.
After examining the evidence and hearing the case, the CBI Court found the remaining accused guilty and sentenced them accordingly.
2nd Case: Senior Manager sent to 1 year Jail
A CBI Court in Jammu has sentenced a former Senior Manager of Central Bank of India and a private individual to one year of imprisonment in a bank fraud case involving housing loans. The court also imposed a fine of ₹20,000 on each of the convicted persons.
The court convicted Rajinder Koul, who was then serving as Senior Manager at Central Bank of India, Talab Tillo Branch, Jammu. He has since been dismissed from service. The court also convicted Sham Sunder Aggarwal, a private individual, for his role in the fraud.
The CBI Court sentenced both Rajinder Koul and Sham Sunder Aggarwal to one year of imprisonment. The court also imposed a fine of ₹20,000 each on the two convicts.
According to the Central Bureau of Investigation (CBI), the case involved the sanction and disbursement of housing loans using fake and forged documents. The CBI alleged that Rajinder Koul, while working as Senior Manager of the Central Bank of India branch in Jammu, was involved in approving housing loans based on forged documents, resulting in bank fraud.
The CBI registered the case against Rajinder Koul and other accused after receiving information about the alleged fraud. After completing its investigation, the CBI filed a charge sheet on September 22, 2007, before the competent court.
After hearing the case and examining the evidence, the CBI Court found both accused guilty. The court convicted them on June 29, 2026 and pronounced the sentence on June 30, 2026, awarding one year of imprisonment and a fine of ₹20,000 each.
