The XI Additional Special Judge, Chennai, on June 30, has sentenced several individuals in a bank fraud case investigated by the Central Bureau of Investigation (CBI), resulting in a wrongful loss of ₹1,71,90,000 to the Bank of Maharashtra. The judgment was pronounced on June 30, 2025, bringing to a close a case registered in 2003.
The CBI investigation, initiated based on a complaint from the Bank of Maharashtra (Valmiki Nagar branch, Thiruvanmiyur), revealed that T.S.R. Vasudevan, T. Palani, and T. Vetrivel opened current accounts under proprietorship firms. They colluded with bank officials R. Ramesh (then Asst. General Manager of the bank) and Nirmala (officer at the bank) to obtain bill purchase facilities beyond their sanctioning powers. Vasudevan and Palani then misused these facilities by submitting forged bills from a non-existent firm, causing significant financial damage to the bank.
The court sentenced T.S.R. Vasudevan to 16 years Rigorous Imprisonment (RI) and imposed a fine of ₹1 Crore. T. Vetrivel received 4 years RI and a fine of ₹1 Lakh. Bank officials R. Ramesh and Nirmala were each sentenced to 6 years RI and fined ₹1.5 Lakhs. T. Palani passed away during the trial, and charges against him were abated. The total fine levied in the case amounts to ₹1,04,00,000.
