Former AIADMK MP K N Ramachandran
and his son were sentenced to seven years rigorous imprisonment by a special court here on Wednesday for causing wrongful loss of Rs 17.28 crore to a nationalised bank.
Judge D Lingeshwaran of the Special Court for MPs and MLAs also sentenced then senior regional manager of the Central Bank of India R.Thiagarajan, the first accused, to five years rigorous imprisonment in the case probed by the Anti-Corruption Branch of the Central Bureau of Investigation.
The Judge held all the three, including Ramachandran's son R Rajasekar, guilty under Indian Penal Code section 120 B (conspiracy) read with relevant sections of the Prevention of Corruption Act.
He imposed a fine of Rs 13.10 lakh on the bank official and Rs 1.11 crore each on the former Sriperumbudur MP, and his son and Rs 15.20 crore on Kannamal Educational Trust, headed by Ramachandran.
According to prosecution, Ramachandran, chairman-cum- managing Trustee of Kannamal Education Trust, and other other two had entered into a criminal conspiracy during July, 2012 and September, 2013 and availed term loans from the bank in the name of the trust, which runs an engineering college, in excess of permissible limit.
They caused wrongful loss to the tune of Rs 17.28 crore to the bank and corresponding wrongful gain to themselves.
Disclaimer: No Business Standard Journalist was involved in creation of this content
