A senior manager and two others have been sent to 3 years of rigorous imprisonment by a CBI court in connection to a housing scam.

A senior bank manager and two other persons have been sent to 3 years of rigorous imprisonment over a housing scam. (Photo for representation.)

A CBI court in Tamil Nadu’s Coimbatore sentenced three persons, including a former senior manager of Canara Bank, to undergo three years of rigorous imprisonment for illegally sanctioning housing loans to the tune of Rs 14 core.

A Shanmugam, then senior Manager, Canara Bank, Coimbatore, along with two others, M Kumaram and K Chitrakani, were sentenced to three years in jail by the court on the basis of evidence submitted by the Central Bureau of Investigation against the accused.

It was alleged that Shanmugham, while working as Canara Bank’s senior manager, sanctioned 272 housing loans to the tune of Rs 14 crore on the basis of false and fabricated documents to ineligible applicants for whom the construction work was undertaken by Maruthi Housing and Maruthi Shelters India (P) Limited, owned by M Kumaran.

During the investigation, CBI found the senior manager connived with the accused and helped them with loans even in the absence of genuine documents.

“After investigation, a chargesheet was filed against the accused before the designated Court. On completion of trial, all the three accused were found guilty and convicted by the trial court,” said the CBI.

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