New Delhi: The Madurai Bench of the Madras High Court has sentenced five individuals, including a former Recovery Officer and a former official of the Debt Recovery Tribunal (DRT), Madurai, a former branch manager of Dhanalakshmi Bank, and two private persons, to five years of rigorous imprisonment (RI) in a corruption case investigated by the Central Bureau of Investigation (CBI). The court also imposed a total fine of โน27 lakh.
The case, registered by the CBI in 2009, involved allegations that the accused conspired to fix the upset price (minimum auction price) of properties significantly below market value in 2008, causing losses to the bank and property owners while benefiting themselves. The convicted individuals include S. Kasimayan (then DRT Recovery Officer), Selvaraj (then UDC of DRT), N. Venkeeshwaran (then Dhanalakshmi Bank branch manager), and private persons R. Rajesh Kannan and R. Anitha.
While the trial court had initially acquitted all accused in 2016, the CBI filed an appeal. The High Court overturned the acquittal, sentencing Kasimayan and Venkeeshwaran to five yearsโ RI with a โน6 lakh fine each, while Selvaraj, Rajesh Kannan, and Anitha were given five yearsโ RI with a โน5 lakh fine each. However, the sentences have been temporarily suspended for three weeks following a Supreme Court order dated March 27, 2025.
The case highlights the CBIโs continued pursuit of justice in corruption matters, even after initial acquittals. Further legal proceedings are expected as one of the accused has approached the Supreme Court.
