The Special Judge for CBI cases, Chennai has sentenced S/Sh. P. Srinivasalu Reddy, Managing Partner & Sh. Gopu, Partner, both of M/s. Naatural Stones, Chennai to undergo Seven Years Rigorous Imprisonment with fine of Rs.2.97 crore & Rs. 3.06 crore each; Sh. K. Ganesh, private person to undergo three years Rigorous Imprisonment with fine of Rs. 33,000/-; Sh. M. Gowthaman, then Manager(Advance); S. Sreedharan, then Senior Manager & Sh. S.K. Banerjee, then Chief Manager, all three of Allahabad Bank, Chennai to undergo three years Rigorous Imprisonment with fine of Rs.18,000/- each U/s 120-B r/w 420, 419, 467, 468, 471 of IPC and Sec 13(2) r/w 13(1)(d) of PC Act, 1988 for cheating the Allahabad Bank to the tune of Rs.176.24 Lakh (approx). A fine of Rs.9,000/- was also imposed on the firm M/s Naatural Stones represented by Srinivasalu Reddy.
The case was registered in the year 2003, on the allegations that Sh. P. Srinivasalu Reddy, Managing Partner of M/s Naatural Stones; S. Gopu, Partner and K. Ganesh (Brother-in-law of S. Gopu) had conspired with M. Gowthaman, Manager (Advance), S.Sreedharan, Senior Manager & S.K. Banerjee, Chief Manager, all from Allahabad Bank, International Branch, Mount Road, Chennai and availed Packing Credit & Foreign Bill Purchase from the bank by submitting fake/forged documents as collateral security. The accused cheated the bank to the tune of Rs.176.24 lakh (approx).The Trial Court found the accused guilty and convicted them.
The case was registered in the year 2003, on the allegations that Sh. P. Srinivasalu Reddy, Managing Partner of M/s Naatural Stones; S. Gopu, Partner and K. Ganesh (Brother-in-law of S. Gopu) had conspired with M. Gowthaman, Manager (Advance), S.Sreedharan, Senior Manager & S.K. Banerjee, Chief Manager, all from Allahabad Bank, International Branch, Mount Road, Chennai and availed Packing Credit & Foreign Bill Purchase from the bank by submitting fake/forged documents as collateral security. The accused cheated the bank to the tune of Rs.176.24 lakh (approx).The Trial Court found the accused guilty and convicted them.
