Mon Oct 27 14:42:34 UTC 2025: Okay, here’s a news article based on the provided text, along with a summary:
Summary:
In Coimbatore, India, a special CBI court has sentenced two individuals to four years of rigorous imprisonment for their involvement in a bank loan fraud scheme dating back to 2008. S.S. Govindaraj, a coir exporter, and K.R. Easwaramurthy, were convicted of conspiring to defraud Indian Bank’s Sivananda Colony branch of ₹95 lakh by submitting false documents for collateral security. A third individual, A. Rajasekharan, initially involved, became an approver in the case. The outstanding loan amount has ballooned to ₹12.16 crore.
News Article:
Coimbatore Court Jails Two in Decade-Old Bank Loan Fraud
COIMBATORE, INDIA – October 27, 2025 – The Special Court for CBI cases in Coimbatore has sentenced two men to four years of rigorous imprisonment for their roles in a bank loan fraud perpetrated in 2008. Judge K. Sivakumar handed down the sentence to S.S. Govindaraj, 60, and K.R. Easwaramurthy, 55, both residents of Tiruppur district, along with a fine of ₹15,000 each.
The case, investigated by the Central Bureau of Investigation (CBI), revealed that Govindaraj, who operated a coir exporting business with A. Rajasekharan as a partner, sought a loan from Indian Bank’s Sivananda Colony branch in Coimbatore to expand his operations. When his factory proved insufficient as collateral, he enlisted the aid of Easwaramurthy.
According to the CBI, Govindaraj, Easwaramurthy, and Rajasekharan conspired to defraud the bank of ₹95 lakh by submitting fabricated and forged documents regarding the collateral security provided by Easwaramurthy. The fraud was uncovered by the bank during a verification process initiated as part of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act proceedings to auction properties due to the non-performing loan.
The CBI registered a case in 2011, leading to an investigation in which Rajasekharan turned approver, revealing that Easwaramurthy received ₹25 lakh from the loan proceeds. Public Prosecutor V. Surendra Mohan stated that the outstanding balance on the loan, as of 2024, has reached ₹12.16 crore.
Govindaraj and Easwaramurthy were convicted under Sections 120-B read with 420, 468, and 471 of the Indian Penal Code, with their sentences to run concurrently.
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