Former Indian Bank chairman chargesheeted

The chargesheet alleges that in violation of bank rules and RBI guidelines, loans were given to the company without proper surety by way of overdrafts and foreign and internal letters of credit through the bank’s Nungambakkam branch here. As of today, the company owes a total of Rs 170.13 crore including interest, the CBI said.

The accused include Naseemuddin Abdul Wahid, Chairman of East West Travels. The company’s other executives/ directors N A Wahid, Taha Kutty A Wahid, Shihabudeen and Faizal A Wahid. Former Bank officials V R Chidambaram, A V Shanmugasundaram, P Natarajan and V Srinivasan, besides S Ramesh, a chartered accountant, have also been cited as accused.

The accused have been charged under Sec.120(B) of IPC for conspiracy, Sec.420 (Cheating) and Sec.13(2) read with Sec.13(1)(D) Of the Prevention of Corruption Act. As many as 462 documents and 119 witnesses have been cited in the report.

Gopalakrishnan, who was arrested in 1997 for sanctioning allegedly irregular loans to private parties, is already facing a couple of corruption cases.