Supreme Court acquits Indian Bank manager, calls CBI case 'fabricated'

The Supreme Court reviewed whether the prosecution proved that he illegally sanctioned loans to two individuals, which were allegedly appropriated by a third party.

Who it concerns: Appellant: V. Balakrishnan (A1); Respondent: State Rep by the Deputy Superintendent of Police; Bench: Justice K. Vinod Chandran.

What the court decided

• Set aside the orders of the Trial Court and the High Court.
• Granted a clean acquittal to the appellant (A1).
• Ordered the immediate release of the appellant if in custody, or cancellation of bail bonds if already released.
• Called for a report from the Branch Manager of Indian Bank, Anna Nagar Branch, regarding the loan accounts and the utilization of excess money received from property auctions.
• Directed the production of title deeds of the mortgaged properties before the Court.
• Directed the Registry to issue a copy of the judgment to the Branch Manager and ensure compliance.

Also in the document

• The Court stated that the prosecution case was 'fabricated and has no legs to stand.'
• The Court noted that the loan amounts were fully satisfied through property auctions, with excess funds remaining with the bank.
• The Court expressed concern over the Indian Bank retaining excess auction proceeds without disbursing them to legal heirs.
• The Court criticized the CBI for failing to prove its case and for framing the case poorly.