The Supreme Court acquitted former Indian Bank branch manager V Balakrishnan in a 35-year-old loan fraud case, setting aside previous conviction rulings by lower courts.
The apex court observed that the loan amounts had been fully recovered by auctioning mortgaged properties, yet excess auction proceeds exceeding ₹2.7 crore remained with the bank.
The bench summoned the current branch manager to submit a report on the surplus funds and ensure their proper disbursal to the borrowers' legal heirs.