Chennai, Apr 3 (UNI) The Madurai Bench of Madras High Court on Thursday, suspended for three weeks, its order awarding five years Rigorous Imprisonment (RI) to five accused, including a Bank Manager, in a case filed by the CBI.

The jail term was suspended following a Supreme Court order directing the High Court to proceed to hear the parties on the issue.

The High Court had sentenced five accused including then Recovery Officer and then Official of DRT, then Branch Manager of Dhanalakshmi Bank and two others to 5 years’ RI and imposed a total fine

of Rs 27 lakh on them in a case filed by the CBI.

The High Court has pronounced sentences against the five accused including S. Kasimayan, then Recovery Officer and Selvaraj, then UDC, both of DRT, Madurai; N. Venkeeshwaran, then Madurai Branch Manager of the Dhanalakshmi Bank, and two private persons--R. Rajesh Kannan and

Ms R. Anitha w/o of Selvaraj.

They were earlier acquitted by the Trial Court and the CBI filed an appeal following which the High Court convicted and sentenced them to 5 years’ RI with total fine of Rs 27 lakh in the case relating

to abuse of official position in fixing Upset price of properties at lower than the market value.

The CBI had registered the case on March 30, 2009 against the accused. It was alleged that Kasimayan had 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 June six, 2011 against the accused including those accused convicted by the Court.

The Trial Court its order dated December 7, 2016 acquitted all the accused persons and the CBI had filed a Criminal Appeal against the acquittal.

The Madurai Bench of the Madras High Court, upholding CBI appeal, sentenced accused Kasimayan, Vakeeshwaran, to 5 years’ RI with fine of Rs 6 lakh each and Selvaraj, Rajesh Kannan and Anitha to five years’ RI with fine of Rs. 5 lakh each.

In the meantime one of the accused had approached the Supreme Court which vide its order dated

March 27, 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 weeks

from that date (27.03.2025).

The High Court accordingly suspended the sentence pronounced, today.

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