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The designated CBI Judge S Rangaraju also slapped fine of Rs 70 lakh and Rs 80 lakh on Gopalakrishnan and Shanmugasundaram respectively.
Gopalakrishnan was ordred to undergo two terms of seven years RI each under IPC sections 120b(criminal conspiracy) and IPC section 420 (cheating) besides various sections of Prevention of Corruption Act (PCA). The sentences will run consecutively.
The Judge also sentenced Shanmugasundaram to two terms of seven years rigourous imprisonment under IPC sections 120b and 420 and under PCA. The sentences will run consecutively.
According to CBI, Gopalakrishnan and Shanmugasundaram misrepresented facts of the Bank's Fort Mumbai branch, in sanctioning and availing foreign letters of credit facilities, bank guarantees, overdraft facilities and term loan facilities in favour of Mumbai based PJ Pipes and Vessels between 1987 and 1992.
They were also charged of abusing their official position as public servents by illegally releasing over Rs 10 crore as loans to the company.
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