In connection with a 30 crore loan scam, four senior employees of an Indian bank received three years in prison punishments.
The four bank employees and two others all were given a three-year severe prison term and a $10,000 fine by a special CBI court in Chennai.
while Aziz, then Chief Manager, GV Srinivasan, then Senior Manager, Muthiah, then Senior Manager, and S Arunachalam, then General Manager, all worked for Indian Bank.
Additionally, it was claimed that the defendants submitted falsified and fake documents as part of the plot.
The loan amount was released by Indian Bank representatives without the bank's financial interests being protected and without consent or sanction.
The defendant failed to repay the loan, resulting in a loss to the Indian Bank of 39.18 crore.