CBI court sentences former Central Bank of India manager and private company CMD to seven years rigorous imprisonment in housing loan fraud case

CHENNAI, June 30, 2026 :- The Special Judge for CBI Cases in Chennai has convicted and sentenced Deepak V. Menon, the former Senior Manager of the Central Bank of India Triplicane Branch, and B. Sivaganesan, the Chief Managing Director of Sree Sasthru Associates Kadanthetti Private Limited, to seven years of rigorous imprisonment in a major bank fraud case.

The court also imposed a fine of Rs 65,000 on the former public servant, a fine of Rs 1.17 lakh on the private company executive, and a fine of Rs 26,000 on the involved private firm. Another accused individual, S. Vaidyanathan, passed away during the course of the trial, leading to the abatement of proceedings against him.

The Central Bureau of Investigation registered the case in April 2009 following a formal complaint from the Central Bank of India regarding the fraudulent sanction and disbursement of 28 housing loans between 2006 and 2007.

The federal probe agency found that the accused utilized forged and fabricated documents to secure the loans, leaving outstanding dues exceeding Rs 5.29 crore by early 2010 and causing substantial financial loss to the public sector bank.

Following a detailed investigation, the central agency filed its charge sheet in June 2010, which ultimately led to the conviction and sentencing of the surviving accused individuals after a full trial.