CBI Court Sentences Five Individuals, Including Former Indian Overseas Bank Manager, to Rigorous Imprisonment and Fines Totalling Rs. 93 Lakhs in Bank Fraud Case

(Judicial Quest News Network)

Chennai, 27, February,2025. In a landmark decision, the Hon’ble XI Additional District Judge for CBI Cases in Chennai has sentenced five accused individuals, including Ignatius Dheepam, the then Manager of Indian Overseas Bank, Edaikazhinadu Branch, to rigorous imprisonment (RI) ranging from 5 to 7 years, along with a cumulative fine of Rs. 93 lakhs. This includes a significant penalty of Rs. 40 lakhs imposed on the company M/s. Uniquestep Marine India Pvt. Ltd.

The five convicted individuals are:

• Ignatius Dheepam, former Manager at Indian Overseas Bank, sentenced to 7 years’ RI and fined Rs. 2.1 lakh.
• J. Muthiah, former Proprietor of M/s. Muthu Enterprises, sentenced to 5 years’ RI and fined Rs. 45,000.
• M.N. Muralidhar, former Proprietor of M/s. It’s a Genes Thing and M/s. Geomatrix Trading, sentenced to 5 years’ RI and fined Rs. 45,000.
• Smt. Priyalakshmi, former Managing Director of M/s. Uniquestep Marine India Pvt. Ltd., sentenced to 7 years’ RI and fined Rs. 50 lakh.
• M/s. Uniquestep Marine India Pvt. Ltd., Mumbai, fined Rs. 40 lakh.

The case stems from a series of fraudulent actions that took place in 2012 when the accused conspired to cheat Indian Overseas Bank. According to the CBI’s investigation, Ignatius Dheepam, while serving as the branch manager, facilitated the opening of four Letters of Credit (LCs) worth Rs. 19.79 crore in favor of M/s. Uniquestep Marine India Pvt. Ltd., using forged signatures and seals to authorize the transactions.

The fraud was further compounded when the accused individuals received substantial sums in illicit payments. Between November 1 and November 30, 2012, Dheepam allegedly received Rs. 19 lakh in his personal account from J. Muthiah, which was deemed an undue advantage for facilitating the fraudulent transactions.

The accused exploited the LCs to obtain financing from the State Bank of India, Sir PM Road Branch, Fort, Mumbai, based on false documentation. This manipulation caused significant financial loss to Indian Overseas Bank.

Following a comprehensive investigation, the CBI filed its charge sheet on December 31, 2023. After a trial, the court found the accused guilty and imposed the sentences accordingly. All convicted individuals have been remanded to judicial custody.

This judgment serves as a stern reminder of the judiciary’s commitment to tackling financial crimes and upholding integrity within the banking sector.