There are several such officers who committed a lot of
irregularities and who indulged in bribe based lending for personal gain during
their service life and none had courage to fix accountability against them
because they had a fear of repercussion. Even CVO or CVC were not bold enough or
they were also corrupt due to which they also remained silent spectator of all
such evil deeds and rather they punished those officers who raised voice
against misdeeds of such top ranked officials as whistleblower.
Officers who retired as Executive Director or Chairman and Managing
Director of the bank after leaving a trail of fraud and wrong advances behind them
have never been taken to task and perhaps there is no such provision to fix
accountability on retired officer for their lapses and ill-motivated decisions.
It may be due to fear or due to sympathy or due to corrupt underhand dealings
or due to close relation with such retired persons that serving officials have
decided to ignore all cases pertaining to lapses committed by retired persons
during their service period and hence comfortably closed .
Many General Managers and Deputy General Managers committed
hundreds of mistakes, caused huge loss to bank by wrongful and ill-motivated
lending and by sanctioning compromise and write off to undeserving borrowers.
After their retirement, current management has closed all files of
irregularities, lapses, fraud, bad sanction, bribe based recruitment, bribe
based promotions associated with retired top ranked officials and surprisingly
RBI and MOF never raised eyes brows, never questioned the integrity of such
officials who caused loss and who closed the file without fixing responsibility
on erring officials. After all in all cases of sanction of loan of high value, officials
of RBI and MOF are also members in Committee or Board which approves high value
loan proposals, or high value purchases.
It is important to mention here that hundreds and thousands
of cases have been filed by aggrieved persons in the court of law against almost
all banks for injustice occurred in loan sanction, purchases of goods and
services, in recruitment, in promotion process and also in dismissal or
suspension related cases. But by dint of money power, management of these banks
made all efforts either to motivate advocates to manage victory in case in
nexus with judge or go on postponing hearing and decision in such cases for
years together until the petitioner either bought or motivated to withdraw the
case or agrees to sign MOU or dies or become too poor to manage court expenses
to contest the case for a longer period.
It is the first case perhaps that court has taken cognizance
of lapses committed by an officer of the rank of CMD of a bank and finally
giving order of conviction and punishment. This is really a historic and
memorable case in banking history, though it took 18 years. In the past also a
similar order from CBI court came out after 24 years when a high ranked officer
Mr. M U Kini of a state run bank was exonerated after 24 years because it was
found that his boss , the then CMD of the bank had wrongly and fraudulently
framed charges against him to take
personal revenge. This is Indian culture.
Indian Bank chairman Gopalakrishnan, 2 others convicted in cheating case-Economic times 22nd May 2013
CHENNAI: A CBI court today convicted former Chairman and Managing Director of Indian Bank M Gopalakrishnan and two others in an 18-year-old cheating case, causing Rs three crore 'wrongful loss' to the bank and sentenced him and another person to one year rigorous imprisonment.
CBI's Anti-Corruption Bureau in 1996 had registered a case against Gopalakrishnan, then CMD of Indian Bank, A V Shanmugasundaram, its zonal manager, K Sundaramurthy, Chief Manager of its Alwarpet branch, S Dhanasingh,Managing Director of city basedAkilam Constructions Pvt, and K Anandan Pillai proprietor of Allengar Foundations, Chennai and Akilam Construction.
They were charge for hatching a criminal conspiracy between 1993 to 1995 to cheat the bank's Alwarpet Branch and sanctioned credit facilities of huge amounts to these companies without sufficient securities and by surpassing bank's guidelines and rules, a CBI release said.
Akilam Constructions applied for grant of Rs five crore secured overdraft for purchase of 200 acres in Mahabalipuram to develop and sell them as farmland in the open market.
Despite shortcomings pointed out in the loan application, Sundaramurthy forwarded the proposal to the Regional Office, recommending sanctioning of the facilities.
As per guidelines such proposal sent by a branch to the Regional office would go to Zonal Office, from where it would be forwarded to Credit Division, Central Office and only thereafter be put up to CMD.
However, Shanmugasundaram got a letter sent to Gopalakrishnan directly recommending the proposal to sanction of Rs five crore on the same day -- August 28, 1995, it said.
Gopalakrishnan conveyed his approval for sanction without verification or waiting for the original proposal to come through the credit division, it said.
CBI said on the basis of the sanction letter Sundaramurthy released temporary Over Draft of Rs 3.26 crore to Akilam Construction by accepting inadequate collateral security and by disregarding terms and conditions of sanction.
Dhanasingh, who availed credit facility for the amount, 'diverted' Rs 2.86 crore out of it to the account of Allengar Foundation represented by Anandan Pillai without using the loan amount for the purpose sanctioned, who in turn used it to 'settle' dues with Ind Bank Housing Limited, it said.
Due to this, the bank sustained monetary loss of Rs 326.51 lakh and Dhanasingh and Anandan Pillai obtained pecuniary advantage of the amount, it said, adding ACB filed a chargesheet under different sections of IPC and Prevention of Corruption Act, including criminal conspiracy and cheating.
On completion of trial, S Malathi, VIII Principal Special Judge for CBI Cases, Chennai, convicted and sentenced Gopalakrishnan and Shanmugasundaram to one year RI each and Dhanasingh to two years RI, the release said, adding a total fine of Rs 4.5 lakh was imposed on them.
During the course of trial Sundaramurthy and Anandan Pillai passed away and charges against them were abated.
CBI's Anti-Corruption Bureau in 1996 had registered a case against Gopalakrishnan, then CMD of Indian Bank, A V Shanmugasundaram, its zonal manager, K Sundaramurthy, Chief Manager of its Alwarpet branch, S Dhanasingh,Managing Director of city basedAkilam Constructions Pvt, and K Anandan Pillai proprietor of Allengar Foundations, Chennai and Akilam Construction.
They were charge for hatching a criminal conspiracy between 1993 to 1995 to cheat the bank's Alwarpet Branch and sanctioned credit facilities of huge amounts to these companies without sufficient securities and by surpassing bank's guidelines and rules, a CBI release said.
Akilam Constructions applied for grant of Rs five crore secured overdraft for purchase of 200 acres in Mahabalipuram to develop and sell them as farmland in the open market.
Despite shortcomings pointed out in the loan application, Sundaramurthy forwarded the proposal to the Regional Office, recommending sanctioning of the facilities.
As per guidelines such proposal sent by a branch to the Regional office would go to Zonal Office, from where it would be forwarded to Credit Division, Central Office and only thereafter be put up to CMD.
However, Shanmugasundaram got a letter sent to Gopalakrishnan directly recommending the proposal to sanction of Rs five crore on the same day -- August 28, 1995, it said.
Gopalakrishnan conveyed his approval for sanction without verification or waiting for the original proposal to come through the credit division, it said.
CBI said on the basis of the sanction letter Sundaramurthy released temporary Over Draft of Rs 3.26 crore to Akilam Construction by accepting inadequate collateral security and by disregarding terms and conditions of sanction.
Dhanasingh, who availed credit facility for the amount, 'diverted' Rs 2.86 crore out of it to the account of Allengar Foundation represented by Anandan Pillai without using the loan amount for the purpose sanctioned, who in turn used it to 'settle' dues with Ind Bank Housing Limited, it said.
Due to this, the bank sustained monetary loss of Rs 326.51 lakh and Dhanasingh and Anandan Pillai obtained pecuniary advantage of the amount, it said, adding ACB filed a chargesheet under different sections of IPC and Prevention of Corruption Act, including criminal conspiracy and cheating.
On completion of trial, S Malathi, VIII Principal Special Judge for CBI Cases, Chennai, convicted and sentenced Gopalakrishnan and Shanmugasundaram to one year RI each and Dhanasingh to two years RI, the release said, adding a total fine of Rs 4.5 lakh was imposed on them.
During the course of trial Sundaramurthy and Anandan Pillai passed away and charges against them were abated.
http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/indian-bank-chairman-gopalakrishnan-2-others-convicted-in-cheating-case/articleshow/20208800.cms
Former Union Bank of India's Executive Director MU Kini has been exonerated of corruption charges by the CBI after more than two decades
Retired banker MU Kini's battle against allegations of corruption has finally come to an end. In April, Mumbai CBI Special Court Judge Vijay R Sikchi exonerated the former Executive Director of Union Bank Of India of all charges leveled against him. But he remains unsure whether his ordeal has actually ended.
"I was unsure if the vendetta had ceased. Hence, I waited four months to see if the CBI appeals to a higher court to pursue charges," says 78 year-old Kini, who underwent three major surgeries for urological problems while the case was being tried in court.
Kini's ordeal began in 1986 when he was slapped with internal memos by then Union Bank Of India Chairman, JS Bhatnagar, for making improper advances worth crores of rupees bypassing official norms. "I replied to the memos and the matter seemed to have ended there. But Bhatnagar retired in December 1988, paving the way for me to take over as Chairman. That's when he and his coterie decided to strike, motivated by jealousy. As my file was pending clearance for appointment as Chairman, the CBI raided my house in Cuffe Parade and private residence in Chembur," Kini recalls. Both raids drew a blank.
"Due to this incident, I lost my career, credibility and reputation. Hopefully, things will change now. I am happy that my name has finally been cleared. Now, I can attend events with my head held high," he says.
Alongwith six other co-accused, Kini was acquitted of all the offences under Section 420, Section 120-B as well as charges under the Prevention of Corruption Act, Section 5(2) and Section 5(1)(D).
"It isn't unusual for people to lodge anonymous complaints against top bank executives due to vested interests. But it's surprising that the CBI fell into the trap and acted as an instrument to destroy my career," he adds.
The raid ensured that Kini was out of the reckoning for the bank Chairman's post. He was reduced to juggling his work schedule to attend the Special CBI Court in Mumbai every month for 24 years, until his retirement.
"Initially, I could manage it since I wanted to prove my innocence. But in my 60s and 70s, it became too much. I was made to sit on benches for long hours, beside hardcore criminals," he states. He hasn't received any compensation either.
Now, the man whom even Dhirubhai Ambani used to stand up in respect of, plans to dispose of his private flat in Mumbai and settle down in Chennai. "I will engage myself with charitable institutions. For me, this is the end," concludes Kini
http://www.mid-day.com/news/2010/aug/220810-mu-kini-corruption-charges-exonerated.htm
Former Union Bank of India's Executive Director MU Kini has been exonerated of corruption charges by the CBI after more than two decades
Retired banker MU Kini's battle against allegations of corruption has finally come to an end. In April, Mumbai CBI Special Court Judge Vijay R Sikchi exonerated the former Executive Director of Union Bank Of India of all charges leveled against him. But he remains unsure whether his ordeal has actually ended."I was unsure if the vendetta had ceased. Hence, I waited four months to see if the CBI appeals to a higher court to pursue charges," says 78 year-old Kini, who underwent three major surgeries for urological problems while the case was being tried in court.
Kini's ordeal began in 1986 when he was slapped with internal memos by then Union Bank Of India Chairman, JS Bhatnagar, for making improper advances worth crores of rupees bypassing official norms. "I replied to the memos and the matter seemed to have ended there. But Bhatnagar retired in December 1988, paving the way for me to take over as Chairman. That's when he and his coterie decided to strike, motivated by jealousy. As my file was pending clearance for appointment as Chairman, the CBI raided my house in Cuffe Parade and private residence in Chembur," Kini recalls. Both raids drew a blank.
"Due to this incident, I lost my career, credibility and reputation. Hopefully, things will change now. I am happy that my name has finally been cleared. Now, I can attend events with my head held high," he says.
Alongwith six other co-accused, Kini was acquitted of all the offences under Section 420, Section 120-B as well as charges under the Prevention of Corruption Act, Section 5(2) and Section 5(1)(D).
"It isn't unusual for people to lodge anonymous complaints against top bank executives due to vested interests. But it's surprising that the CBI fell into the trap and acted as an instrument to destroy my career," he adds.
The raid ensured that Kini was out of the reckoning for the bank Chairman's post. He was reduced to juggling his work schedule to attend the Special CBI Court in Mumbai every month for 24 years, until his retirement.
"Initially, I could manage it since I wanted to prove my innocence. But in my 60s and 70s, it became too much. I was made to sit on benches for long hours, beside hardcore criminals," he states. He hasn't received any compensation either.
Now, the man whom even Dhirubhai Ambani used to stand up in respect of, plans to dispose of his private flat in Mumbai and settle down in Chennai. "I will engage myself with charitable institutions. For me, this is the end," concludes Kini
http://www.mid-day.com/news/2010/aug/220810-mu-kini-corruption-charges-exonerated.htm
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Press Release
New Delhi , 22.05.2013 |
The Special Judge, CBI cases, Ernakolam (Kerala) has convicted Shri K. Ramarajan, then Assistant Manager, State Bank of India, Vaniyamkulam Branch, Palghat and three other private accused viz. Shri K. Divakaran Nair; Shri K. Ramdas & Shri Gopalankutty, all resident of Palghat, in a CBI Case U/s 120B r/w 420, 468, 471 IPC & Sec. 13(2) r/w 13(1)(d) of PC Act, 1988 and sentenced them to undergo three years Simple Imprisonment.
The investigation revealed that Shri K. Ramarajan while working as Assistant Manager(Advances), State Bank of Travancore, Vaniyamkulam Branch, Palghat(Kerala) entered into a criminal conspiracy with 5 private accused persons viz. Shri K. Divakaran Nair; Shri K. Ramdas; Shri Gopalankutty and two other persons. In pursuance of the said criminal conspiracy, the public servant had fraudulently & with dishonest intention, recommended agricultural loans to various persons on the basis of forged documents like Tax Receipts, Possession Certificate etc. submitted by private persons. The Assistant Manager knowing fully well that the said documents were forged and that the loanees were not entitled to get any loan, had cheated the State Bank of India to the tune of Rs.12,36,000/-(approx) and derived pecuniary advantage for himself & other accused persons.
The Court found four accused persons guilty. Two accused were died and charges against them were abated by the Court.
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