A CBI court here today sentenced film producer Abhavanan to five years rigorous imprisonment (RI) in a bank cheating case. The court also sentenced two Punjab National Bank officials to three years RI in the same case.

In 1999 the officials – K. Rajagopalan and T.S. Ramanujam – and the then zonal manager Subramaniam purchased cheques from Abhavanan and his 16 associates indiscriminately against bank norms even though the previously discounted cheques of these parties were pending for realisation.

Out of the 69 cheques purchased, 44 were not sent for collection, whereas the money was credited into the accounts before realisation and the credited amount was withdrawn by Abhavanan and his wife.
The act caused a wrongful loss of Rs. 2,34,60,000 to the bank. After thorough investigation the Central Bureau of Investigation filed charge sheet against the accused.
The court also imposed a fine of Rs. 2.40 crores on the director and Rs.Rs. 15 lakhs and Rs. 10 lakhs on Rajagopalan and Ramanujam respectively.
However, Subramaniam and Thenmozhi Abhavanan were acquitted.