Tamil producer Abhavanan jailed for cheating

A CBI court on Tuesday sentenced Tamil movie producer Abavanan for five years rigorous imprisonment for cheating a bank, the agency said.

In a statement, the Central Bureau of Investigation (CBI) said the court also sentenced two officials of Punjab National Bank (PNB) - K.Rajagopalan and T.S.Ramanujam - to undergo three years rigorous imprisonment.

According to CBI, in 1999, Rajagopalan, Ramanujam and regional manager H.B.Subramaniam purchased cheques from Abavanan and his 16 associates violating bank procedures.

They purchased the cheques even though the earlier discounted cheques of these parties were pending for realisation.

Out of the 69 cheques purchased, 44 cheques amounting to Rs 2,34,60,000 were not sent for collection, went outstanding without realisation whereas the amount was credited into the parties accounts before realisation and the credited amounts were withdrawn by Abavanan and Thenmozhi Abavanan, the CBI said.

This caused a wrongful loss of Rs.2,34,60,000 to PNB and corresponding gain to the accused.

The court, sentencing Abavanan to jail, also imposed a fine of Rs.2,40,00,000 on him. It also fined Rajagopalan and Ramanujam Rs.15 lakh and Rs.10 lakh respectively.

Two of the accused - Thenmozhi, the wife of Abavana, and Subramaniam - were acquitted.