The Additional District Judge overseeing CBI Cases in Coimbatore, Tamil Nadu, has handed down a verdict in which Mr. L. Kumaresan, the former Branch Manager of Canara Bank in Namakkal, Tamil Nadu, was sentenced to a three-year term of Rigorous Imprisonment along with a fine of Rs.1.25 lakh. Similarly, Mr. K.R. Appu, the Managing Partner of M/s. Anbu Road Lines and Managing Director of M/s. Anbu Roadways (I) Pvt. Ltd. in Namakkal, received a three-year Rigorous Imprisonment sentence along with a fine of Rs.1.25 lakh, while Mr. S. Karthikeyan, a private individual, was also sentenced to three years of Rigorous Imprisonment along with a fine of Rs.60,000. This verdict comes as a consequence of their involvement in a case of substantial financial loss to the bank.
Following a complaint from Canara Bank’s Namakkal Branch, the CBI initiated an investigation that resulted in a case against the accused. The allegations revolved around Mr. L. Kumaresan, the former Branch Manager, and Mr. K.R. Appu, the Managing Partner of M/s. Anbu Road Lines and MD of M/s. Anbu Roadways (I) Pvt. Ltd., along with others, being implicated in a conspiracy related to the approval, disbursement, and use of various credit limits for the benefit of companies associated with these private individuals. The claims further suggested that the loans sanctioned by the Branch Manager were misused for personal gains by the managing partner. Additionally, it was asserted that the Branch Manager authorized check discounting in group accounts and approved credit limits exceeding his authorized authority, ultimately leading to a loss of Rs.13.23 Crore for the bank.
Following the investigation, a Charge Sheet was submitted before the Designated Court in Coimbatore on July 16, 2007, naming five accused individuals. Subsequently, after trial proceedings, the Trial Court found the mentioned accused parties guilty and proceeded with convictions. Regrettably, one accused passed away during the trial, while another was acquitted by the Court.
