A CBI court in Chennai sentenced producer Aabavanan to five years of rigorous imprisonment on Tuesday. Aabavanan had made the 1986 Vijaykanth film Oomai Vizhigal.
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According to a Deccan Chronicle report, Aabavanan had cheated the Punjab National Bank on Cathedral Road to the tune of Rs. 2.34 crores 17 years ago. He opened 17 accounts during 1999 and 2000, and received Rs 3.31 crore in cheques.
After depositing the cheques at Punjab National Bank, only Rs. 96.85 lakhs could be recovered. As a result, the bank has incurred a loss of Rs. 2.34 crore, as 44 cheques were returned due to insufficient funds.
Along with Aabavanan, bank employees Rajagopalan and Ramanujam have also been convicted. While Aabavanan has to pay a fine of Rs. 2.40 crore in addition to the jail term, the two employees will have to pay Rs. 15 lakhs and Rs. 10 lakhs respectively, and face three years of rigorous imprisonment.