The Special Judge for CBI cases, Coimbatore (Tamil Nadu) convicted Mr. S. Sakthivel, then Managing Director of M/s Chemfree Vegetable Pvt. Ltd., Chennai, Mr. M.Vellaichamy, then Senior Manager, Central Bank of India, Coimbatore & Mr. C. Bommaiya, private person and sentenced them to undergo 3 years rigorous imprisonment with total fine of Rs.1,50,000 in a bank fraud case.
The CBI had registered a case on 21.2.2011 on the allegations that M/s. Chemfree Vegetable (P) Ltd, Chennai represented by its Managing Director, Mr. S. Sakthivel; Mr. M. Vellaichamy, Senior Manager, Central Bank of India, Main Branch, Coimbatore & Mr. C. Bommaiya, Private Person cheated Central Bank of India to the tune of approximately Rs.1,41,44,861/- by submitting forged documents to the Bank. Using them as genuine, the loan was sanctioned and funds were released. The accused fraudulently withdrew the amount and the same was never repaid. In the process, Mr. M. Vellaichamy, Senior Manager, Central Bank of India abused his official position and shown undue favour to the accused, thereby causing loss to the Bank. The total outstanding amount was Rs.1,41,44,861/- including interest. After investigation, a Charge Sheet was filed against the said accused persons. The Trial Court found the three accused guilty and convicted them to undergo the punishment.
