Fraudsters Convicted in a Bank Fraud case of Rs. 171.90 lakhs Four Accused including two then Officers of Bank of Maharashtra Sentenced to 4-16 Years RI with total fine of Rs. 1.04 crore
The XI Addl. Special Judge, Chennai, on 30.06.2025 convicted and sentenced, four accused namely Shri R. Ramesh, the then Asst. General Manager, Bank of Maharashtra; Smt. Nirmala, the then Officer, Bank of Maharashtra and two private persons namely Shri T.S.R. Vasudevan and Sh.T. Vetrivel to 4-16 years Rigorous Imprisonment (RI) with total fine of Rs.1.04 Crore in bank fraud case. .
CBI had registered the case on 28.02.2003 based on a complaint from Bank of Maharashtra, on the allegation that accused Sh. T.S.R. Vasudevan, Proprietor of M/s. Lalitha Oils; accused Sh. T. Palani, Proprietor of M/s. Tamil Nadu Marketing and accused Sh. T. Vetrivel, who projected as M/s Vetri Oils, opened Current Account with Bank of Maharashtra, Valmiki Nagar Branch, Chennai in the name of the proprietorship firm. In collusion with the said accused person, the accused bank officials Sh. R. Ramesh, then Asst. General Manager, Bank of Maharashtra, and Smt. Nirmala, then Officer, Bank of Maharashtra sanctioned bill purchase facilities beyond their sanctioning power. Sh. T.S.R. Vasudevan and Sh. T. Palani misused the same by submitting forged bills in the name of non-existing firm of M/s Vetri Oils and misutilised the funds and thereby caused wrongful loss to the tune of Rs. 171.90 lakhs.
After investigation, a charge sheet was filed on 25.11.2003 against Sh. T.S.R. Vasudevan Sh. T. Palani, (Died) Sh. T. Vetrivel, Sh. R. Ramesh, Asst. General Manager, Bank of Maharashtra, Smt. Nirmala, the then Officer, Bank of Maharashtra before the Hon’ble XI Addl. Special Judge for CBI Cases, Chennai. During the course of trial accused Sh. T. Vetrivel was absconding and the case against him was split as CC 14/19. Later the accused surrendered before the Court. The Hon’ble Court conducted the trial jointly in both the CCs. The Hon’ble Court convicted the accused persons in both the CCs. Accused Shri T.S.R. Vasudevan, Private. Person was sentenced to 16 years RI with a fine of Rs. 1 crore; Shri R. Ramesh, the then Asst.
General Manager, Bank of Maharashtra and Smt. Nirmala, the then Officer, Bank of Maharashtra sentenced to 6 years RI with a fine of Rs. 1.5 lakh each and Shri T. Vetrivel, Private Person sentenced to 4 years RI with a fine of Rs. 1 lakh. Accused Sh. T. Palani died during the course of trial and charges against him abated.