A special CBI court has convicted a former senior manager of the Central Bank of India and the Chief Managing Director (CMD) of a private company in a housing loan fraud case involving fraudulent sanction and disbursal of loans that caused a loss of over ₹5.29 crore to the bank.According to the CBI, the court, in its judgment delivered on June 29, sentenced Deepak V. Menon, former Senior Manager of the Central Bank of India, Triplicane Branch, to seven years of rigorous imprisonment and imposed a fine of ₹65,000.The court also sentenced B. Sivaganesan, Chief Managing Director of M/s Sree Sasthru Associates Kadanthetti Pvt. Ltd., to seven years of rigorous imprisonment and fined him ₹1.17 lakh. The company was separately fined ₹26,000.The CBI had registered the case on April 29, 2009, based on a complaint from the Central Bank of India alleging that 28 housing loans were fraudulently sanctioned and disbursed during 2006-2007, using forged and fabricated documents, resulting in substantial financial loss to the bank.Investigation revealed that the outstanding dues in the fraudulent loan accounts stood at more than ₹5.29 crore as of February 2010.After completing the investigation, the CBI filed a chargesheet on June 30, 2010, against four accused, including Deepak V. Menon, B. Sivaganesan, M/s Sree Sasthru Associates Kadanthetti Pvt. Ltd., and a private individual S. Vaidyanathan.Following the trial, the court convicted the accused and awarded the sentences. Proceedings against S. Vaidyanathan were abated after he died during the course of the trial. Published - June 30, 2026 08:01 pm IST