New
Delhi 26th Aug 2015(Sana Sayed): The Special Judge-II,
CBI, Ernakulam (Kerla) has convicted Sh. K.A. Kuttain, then Managing Director,
M/s LBJ Plantations (Pvt.) Ltd., Karimpurath Road, Girinagar, Cochin (Kerala)
U/s 420 & 471 of IPC and sentenced him to undergo 03 years Rigorous Imprisonment
with fine of Rs.20,000/-.
CBI had
registered a case on the allegations that Shri K.A. Kuttaiah, Managing
Director, M/s LBJ Plantations (Pvt.) Ltd., Karimpurath Road, Girinagar, Cochin,
had submitted a proposal on 04.01.1996 to the State Bank of Travancore,
Overseas Branch, Ernakulam (Kerala) for sanction of Agricultural Term loan
(ATL) of Rs. 195 lakhs and Agriculture Credit Card loan (ACC) of Rs.50 lakhs
for purchase of a coffee estate from a person & his family, who were legally
entitled for a land measuring 257 acres out of 561.23 acres in Kallamala
Village, Agali Taluk.
The accused had defrauded the bank by presenting
fraudulent sale deed showing higher area at 561.23 acres which was more than
actually available for purchase and got executed sale deed in favour of him.
Thereafter he forged basic tax receipt & possession certificate so as to
show the area as 561.23 acres instead of the actual extent of 257 acres and
produced the same before the bank as genuine for taking further action by the
bank.
The accused thereby induced the bank and got
Agricultural Term Loan (ATL) of Rs.187 lakhs and Agriculture Credit Card (ACC)
of Rs. 28 lakhs sanctioned in his favour. The loan amount was not repaid to the
bank and the entire loan became non performing asset (NPA). Thus, the accused
derived wrongful gain and the bank suffered corresponding loss.
