Fri Dec 20 17:00:30 UTC 2024: ## Former Indian Overseas Bank Manager Sentenced in ₹2.42 Crore Fraud Case
**Madurai, Tamil Nadu, December 20, 2024** – A former Chief Manager of the Indian Overseas Bank’s Palayamkottai branch, G. Balasubramanian, has been sentenced to three years of rigorous imprisonment and fined ₹80,000 for his involvement in a bank fraud case. The Second Additional District Court (CBI Cases) in Madurai delivered the verdict on Friday.
Balasubramanian, along with three others – N. Mahalingam, M. Ammamuthu, and N. Kalyanasundaram – were found guilty of conspiracy to defraud the bank between 2007 and 2010. The accused allegedly violated bank norms by sanctioning open cash credit, term loans, and vehicle loans without proper credit analysis, resulting in a loss of ₹2.42 crore to the bank. Mahalingam and Ammamuthu received three-year sentences and ₹60,000 fines each, while Kalyanasundaram was sentenced to four years and fined ₹1.4 lakh.
The case, registered by the Central Bureau of Investigation (CBI) in 2010, concludes with significant prison terms and substantial fines for the individuals involved in this major bank fraud.
First Piper 