Indian Bank's former CMD among six convicted in fraud case

Chennai, April 1 

A special court here has convicted including Indian Bank's former chairman and managing director M.Gopalakrishnan and five others in a fraud case and sentenced them to two years rigorous imprisonment, a CBI statement said.

In a statement issued here, the Central Bureau of Investigation (CBI) said a CBI court here on Thursday convicted six individuals - four bank employees and two other people, and two other companies for causing Rs.5.51 crore loss to Indian Bank.

A total fine of Rs.40,500 have been imposed on the convicted people.

According to the statement, Kiran Innovations, headed by Rajiv Batra, availed various loan facilities by submitting forged documents, in connivance with bank officials, and misutilised the same.