Bank's Ex-Leaders Plead Not Guilty To More Fraud Charges

Law360 (April 27, 2021, 10:34 PM EDT) -- The directors of a now-defunct Illinois bank pled not guilty on Tuesday to a third round of charges in a criminal case accusing them of shifting and hiding assets to avoid paying creditors after defaulting on personal and corporate loans.

Pethinaidu and Parameswari Veluchamy, who are now-defunct First Mutual Bancorp's primary shareholders, and their son Arun Veluchamy, who served on the bank's board of directors, entered not guilty pleas on a second superseding indictment that tacked three additional charges onto the nearly five-year-old case.

Pethinaidu and Parameswari Veluchamy have been fighting bankruptcy fraud, bank fraud, passport fraud and concealment and destruction...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!