 "CBI court convicts six people for causing loss to Indian Bank")
The CBI court here has convicted six people, including four public servants, and two companies for causing loss to the tune of Rs 5.51 crore for a Chennai-based public sector bank.
According to CBI, A Kandhakumar, the VIII Additional City Civil and Sessions Judge for CBI Cases, Chennai convicted two individuals, four public servants and two companies in the Indian Bank scam case.
The allegation of the case registered by CBI, EOW, Chennai in 1998 was that Kiran Innovations headed by Ranjiv Batra availed itself of various loan facilities including PC, FBP, FBN in connivance with the officials of Indian Bank, Chennai and misutilised the same by submission of forged documents.
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The court sentenced Ranjir Batra and Kiran Batra of Kiran Innovations for two years and fined them Rs 32,500 each.