Former Indian Bank chairman jailed for 14 years

CHENNAI - A fast track court here Monday sentenced former chairman and managing director of the Indian Bank M. Gopalakrishnan to 14 years imprisonment for fraud.

CBI special judge Sundarajan found Gopalakrishnan guilty of favouring two private companies and causing loss of tens of millions of rupees to the bank.

The court also fined Gopalakrishnan Rs.7 million. The case was registered in 1993.

Following the conviction, the former banker’s bail was cancelled and he was taken to the high security Puzhal Prison, officials said.

Gopalakrishnan heads a small caste-based political outfit that supports the ruling DMK.