Key Points
Corruption case involving DRT and bank officials exposed systematic price manipulation
High Court overturns trial court's earlier acquittal
Five persons sentenced to 5 years imprisonment
Total penalty of Rs 27 lakh imposed
The accused, including S. Kasimayan, the then Recovery Officer in the DRT, and Selvaraj, the then UDC in DRT, were held guilty of abusing their official position in fixing the upset price or reserve price of properties at a lower price than the market value.
All the accused conspired to cause wrongful loss to the bank and the property owner and corresponding wrongful gain and pecuniary advantage to themselves, alleged the CBI.
While agreeing with the appeal filed by the CBI against a trial court decision acquitting the accused, the High Court also pronounced its sentence against N. Venkeeshwaran, the then Branch Manager of Dhanalakshmi Bank, Madurai, and two private persons - R. Rajesh Kannan and R. Anitha, wife of accused UDC of DRT, Madurai.
The CBI had registered the case on March 30, 2009, in the corruption matter. It was alleged that the accused Kasimayan fraudulently fixed the upset prices of the properties much lower than the market value in 2008.
After the completion of the investigation, the CBI filed a chargesheet on June 6, 2011. The trial court issued its order dated December 7, 2016 acquitted all the accused.
The High Court, upholding CBI's appeal, sentenced the accused and slapped a fine of Rs 6 lakh on Kasimayan and Vakeeshwaran.
Selvaraj, then UDC of DRT, and two private persons were directed to pay a fine of Rs 5 lakh each.
Just before the sentencing by the HC, the accused approached the Supreme Court, which suspended the sentence for three weeks starting March 27.
Comments:
Priya K.
Finally some justice in corruption cases! đź‘Ź These officials betrayed public trust for personal gain. The 5-year sentence sends a strong message.
Rahul M.
Interesting how the trial court acquitted them first. Makes you wonder about our judicial process. Good that HC corrected this.
Anjali S.
The fine amount seems low compared to the wrongful gains they must have made. Shouldn't it be proportional to the loss caused?
Vikram T.
This case took 13 years from registration to final judgment! While justice prevailed, the delay shows why people lose faith in the system.
Neha K.
Respectful criticism: The article could explain more about how they fixed prices lower. Some technical details would help common people understand the scam better.
Deepak S.
Kudos to CBI for pursuing this for so long! Many such cases get buried due to lack of persistence. Hope this encourages more whistleblowers to come forward.
