The main legal point established in the judgment is the requirement of sufficient evidence to prove dishonesty and overestimation of property value in cases of conspiracy to cheat a bank.

JUDGMENT

(Prayer: Criminal Appeal has been filed under Section 374 of the Cr.P.C., 1973 r/w Section 27 of the P.C.Act, 1988 praying to allow the appeal and set aside the conviction imposed against the appellants/accused Nos.A2,A3,A6,A8,A10, A11, A12 in C.C.No.41 of 2003 on the file of XI Additional Special Judge (CBI Cases relating to Banks and Financial Institutions), Chennai dated 17.01.2013.

Criminal Appeal has been filed under Section 374 of the Cr.P.C., praying to call for the records made in C.C.No.41 of 2003 on the file of the XI Additional Special Judge for CBI Cases, Chennai by order dated 17.01.2013 hear the appellant and allow this criminal appeal.

Criminal Appeal has been filed under Section 374 of the Cr.P.C., praying to set aside the judgment and sentence dated 17.01.2013 passed in C.C.No.41 of 2003 on the file of the learned XI Additional Special Judge (CBI Cases relating to Banks and Financial Institutions) Chennai and acquit the appellant.)

Common Judgment

1. Batch of criminal appeals preferred by the persons, who were found guilty by the trial Court in C.C.No.41 of 2003 for the offences under Sections 120-B r/w 420, 467, 467 r/w 471, 468, 468 r/w 471, 419, 109 IPC and 13(2) r/w 13(1)(d) of PC Act, 1988.

2. The facts leading to appeals:-

Based on the reliable information received in the office of the SP, CBI, ACB, Chennai. The case was registered in RC.MA1.2000 A 0046, dated 30.10.2000. The information so received revealed,

A.1 Shri.K.Y.Subrarnanian working as Branch Manager in Punjab National Bank, Adayar Branch, Chennai during the period from 1997 to 1999. A2 Shri.D.Selvam; A.3, Shri N.Nandan; A.4,Shri.K.Shanmugam, A5, Shri J. Vijayan; A.6, Shri.C.Singaram; A.7,Shri.C.Singaram; A.8, Shri.Vijayakumar Guarantor and A-9, Shri.R.Udayakumar, Approved Valuer, are Private Persons. During the year 1999, A.1 to A.9 entered into a criminal conspiracy at Chennai and other places to cheat the Punjab National Bank and in pursuance of the said criminal conspiracy, Al, Shri.K.Y.Subramanian fraudulently and dishonestly by abusing his official position as Branch Manager of Punjan National Bank, Adyar Branch, Chennai and by colluding with other accused persons sanctioned Truck loans to A2 Shri.D.Selvam; A3.Shri.N.Nandan; A4, Shri.K.Shanmugam; A5, Shri.J.Vijayan; A.6, Shri.C.Singaram; A.7, Shri.C. Singaram for the purpose of purchasing second hand trucks without verifying the genuineness of the Sale Agreements as well as the existence of the Trucks mentioned in the said Sale Agreements.

3. A2, Shri D.Selvam; A3, Shri N.Nandan; A.4, Shri K.Shanmugam; A.5, Shri J.Vijayan; A.6, Shri C.Singaram; A.7, Shri C.Singaram submitted applications on 05.10.99 for sanction of loan for purchasing second hand trucks at a cost of Rs.5 lakhs each from individual owners to the Punjab National Bank, Adyar Branch, Chennai. As per L.A. Circular 77/99 dated 17.08.99 these loans come under Associates and do not fall under Branch Manager''s power and was against the banking regulations. A.1, Shri.Suramanian sanctioned the lons on 06.10.99 itself against the Banking Regulations and without asking/scrutinising the original documents of Trucks, guarantee etc. offered for the loans by A.2 to A.9.

4. The title deeds of Agriculture land offered by Shri Vijayakumar (A-3) as Security for the loan amount of Rs.30 lakhs were purchased by the Guarantor during September, November and December 1998. As per the title deeds the market value of the three properties offered as security were viz. Rs.1,38,600/-; Rs.95,400/- and Rs.84,000/- respectively as on the date of purchase. The total actual value of the properties offered as Guarantee works out to Rs.3,18,000/-. The Approved Valuer (A-9) inflated the value of the above properties as Rs.16,94,000/-, Rs.11,66,000/- and Rs.13,20,000/- resepectively totalling to Rs.41,80,000/-. The same w