1. M/s.Nurit Inks (P). Ltd represented by its Managing Director G.Ramachandran is a constituent of the Indian Bank, Mylapore Branch since 1984. On 20.12.1991 Thiru. G.S.Subbaraman as the Chief Manager of Indian Bank, Mylapore Branch purchased a Foreign Cheque bearing No. 79584032 A/c with Union Bank, Switzerland, Zurich for Swizz Franc One Lakh issued by one Ms. Malliga Saravanamuthu payable to NIFE.AB. The cheque was endorsed by the payee to Shri G.Ramachandran of M/s. Nurit Inks (P) Ltd. The proceeds of the cheque was credited into the savings bank account of G.Ramachandran and he had withdrawn the amount subsequently. The cheque so purchased by G.S.Subbaraman and encashed by Ramachandran returned unhonoured on 08.01.1992 for the reason cheque blocked. A sum of Rs.18,63,932/- being the FBP liability was reversed on 14.01.1992. Later, Shri N.Kumar, nephew of G.Ramachandran remitted Rs.12 lakhs on 23.1.1992, Rs.5 lakhs on 24.1.1992 and Rs.2 lakhs on 25.01.1992 totally a sum of Rs.19 lakhs towards this liability and the same was credited into the account of Ramachandra