S Sakthivel and S Vijayakumar were sentenced to three years in prison and a fine of Rs 1.5 lakh each by a judge of the special CBI cases court in Coimbatore, Tamil Nadu. Both are directors of Panamarathupatti village’s Sun Bio-Manure (P) Ltd. Sun Bio Manure (P) Ltd was also fined an additional Rs 1.5 lakh.
S Balasubramanian, the ex-branch manager of Indian Bank, Veerapandi Branch, was also sentenced to two years in prison and a fine of Rs 2 lakh by the court. All of the involved parties in the case have been fined a total of Rs. 6.5 lakh.
After allegations that the accused submitted fake documents to obtain credit from Indian Bank in a fraudulent manner, the CBI filed a case in January 2010. The case also involved the bank’s branch manager, who was accused of accepting fake documents and releasing credit limits in violation of the loan’s terms and conditions.