India
CBI court sentenced Aabavanan to five years rigorous imprisonment and slapped a fine of Rs 2.40 crore for defrauding a state-run bank of Rs 2.34 crore.
Updated : Dec 13, 2016, 11:01 AM IST
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A CBI court on Tuesday sentenced a Tamil filmmaker to five years rigorous imprisonment and slapped a fine of Rs 2.40 crore on him for defrauding a state-run bank to the tune of Rs 2.34 crore.
Additional CBI Court judge Venkatasamy convicted filmmaker Aabavanan, Chief Manager Rajagopalan, and an Assistant Manager Ramanujam, both employees of Punjab National Bank, Cathedral Road branch in Chennai, for various offences under IPC including criminal conspiracy. While Rajagopalan was sentenced to three years rigorous imprisonment and slapped a fine of Rs 15 lakh, Ramanujam was given three years rigorous imprisonment and fined Rs.10 lakh. The bank officials were also convicted under Prevention of Corruption Act.
Two others, PNB Regional Manager HP Subramanian and Thenmozhi, wife of Aabavanan, were acquitted.
According to the prosecution, the accused had colluded and cheated the bank to the tune of Rs.2,34,60,000. Aabavanan had availed loan from the bank by utilising the 'Cheque Purchase facility' under which account holders could avail immediate credit equivalent to the value of the cheques they present.
Aabavanan had presented various cheques, favouring him to the tune of Rs.3,31,45,000, to the bank and immediately withdrew the entire amount. However, cheques valued at Rs.96,85,000 alone were realised by the bank later and the remaining cheques amounting to Rs.2,34,60,000 were not, which resulted in a direct loss to the bank and inversely gave wrongful gain to the accused.
Aabavanan shot to fame with his Vijayakant-starrer movies 'Oomai Vizhigal (1986)' and later 'Senthoorapoove (1988).'
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