The Madurai Bench of Madras High Court sentences five accused including then Recovery Officer and then Official of DRT, then Branch Manager of Dhanalakshmi Bank and two others to 5 years’ Rigorous Imprisonment with total fine of Rs 27 lakh in a CBI case.
The Madras High Court has pronounced sentence against five accused including Shri S. Kasimayan, then Recovery Officer and Shri Selvaraj, then UDC, both of DRT, Madurai; Shri N. Venkeeshwaran, then Branch Manager of Dhanalakshmi Bank, Madurai and two private persons namely Shri R. Rajesh Kannan and Smt. R. Anitha w/o of accused UDC of DRT, Madurai. They were earlier acquitted by Trial Court. The accused were sentenced to 5 years’ Rigorous Imprisonment (RI) with total fine of Rs 27 lakh in a case of abuse of official position in fixing Upset price of properties at lower than the market value.
CBI had registered the instant case on 30.03.2009 against the said accused. It was alleged that accused Shri Kasimayan, then Recovery officer of DRT, Madurai fraudulently fixed the Upset prices of the properties, much lesser than the market value in the year 2008. All the accused conspired together, causing thereby a wrongful loss to the Bank and the property Owner and corresponding wrongful gain/ pecuniary advantage to themselves.
After completion of investigation, CBI had filed chargesheet on 06.06.2011 against accused including the accused convicted by the Court. The Trial Court its order dated 07.12.2016 acquitted all the accused persons. CBI filed Criminal Appeal against the acquittal.
The Madurai Bench of Madras High Court, upholding CBI appeal, sentenced accused Shri S.Kasimayan, then Recovery Officer and Shri N. Vakeeshwaran, then Branch Manager of Dhanalakshmi Bank, Madurai, to 5years’ RI with fine of Rs 6 lakh each and Shri Selvaraj, then UDC of DRT and two private persons namely Shri R. Rajesh Kannan and Smt. R. Anitha W/o Shri R Selvaraj were sentenced to 5 years’ RI with fine of Rs. 5 lakh each.
In the meantime one of the accused had approached the Hon’ble Supreme Court of India. And the Hon’ble Supreme Court vide its order dated 27.03.2025 directed that the High Court may proceed to hear the parties on the issue of sentencing and the sentence, if pronounced, shall remain suspended for a period of three week from today (27.03.2025). The Madurai Bench of Madras High Court has accordingly suspended the sentence pronounced.
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