The Addl. Special Judge for CBI Cases (XIth Court), Chennai has convicted Shri P. Rajaraman & Shri V.R. Vinaitheerthan the then two former Bank Managers of Indian Overseas Bank, Purushawalkam Branch, Chennai and four private persons i.e. Sh. K. Sridhar, Shri Devanand, Shri. Mufid Abdullah Sulaiman and M. Nagaraj for offences of criminal conspiracy (Sec. 120-B), impersonation (Sec. 419), forgery (Sec. 467, 468, 471 IPC) and criminal misconduct by public servants (PC Act). The Court sentenced Shri P. Rajaraman, Bank Manager to under go four years Rigorous Imprisonment with fine of Rs. 4.5 lakhs; Shri V.R. Vinaitheerthan to undergo four years Rigorous Imprisonment with fine of Rs. 2 lakhs; Sh. K. Sridhar (private person) to undergo five years Rigorous Imprisonment with the fine of Rs. 1.1 lakhs; Shri Devanand (Private person) to undergo five years Rigorous Imprisonment with fine of Rs.. 11.5 Lakhs; Sh. Mufid Abdullah Sulaiman (Private person) to under five years Rigorous Imprisonment with fine of Rs. 6.5 lakhs and M. Nagaraj to undergo five years Rigorous Imprisonment with fine of Rs. 4.5 lakhs. However, one accused Shri K. Murgan has been acquitted in this case.

The CBI investigation revealed that the Bank Officers, Shri P. Rajaraman and Shri V.R. Vinaitheerthan, in conspiracy with Shri K. Sridhar, Sh. Devanand, Sh. Mufid Abdullah Sulaiman & Sh. M. Nagaraj used forged NRI Deposit Receipts (FCNR) & fake Power of Attorneys and fraudulently withdrew the amount by closing the deposits without the knowledge of the original depositors. Thus, they cheated the Bank to the tune of Rs. 4.19 crores. In this case, as the witnesses who are NRIs were unable to attend the trial in person, therefore, part of the trial was conducted through video conferencing from Dubai.