Three, including two former managers, convicted in ₹12.63 crore bank fraud case

The Additional City Civil and Sessions Judge and Special Judge for CBI Cases on Friday convicted and sentenced three men, including two former branch managers of a nationalised bank, to one to three years of imprisonment and slapped a fine of ₹52 lakh in connection with a bank fraud case amounting to ₹12.63 crore.

The convicts, H.M. Swamy and Vittal Das, who were the former branch managers of Syndicate Bank in Mandya and Kollegal respectively, and Asadulla Khan, a private individual, were found guilty of committing the bank fraud.

While Swamy was sentenced to three-year imprisonment with a fine of ₹1.5 lakh, Vittal Das got one-year imprisonment with ₹50,000 fine amount, and Asadulla Khan got three-year imprisonment with a fine of ₹50 lakh.

The Central Bureau of Investigation (CBI) registered the case against the accused in May 2009 based on a written complaint filed by the Chief Vigilance Officer of Syndicate Bank. It was alleged that they indulged in fraudulent transactions in the sanction and disbursal of loans under the ‘Synd. Jai Kisan Loan’ and other credit facilities. They allegedly grossly misused their authority and conspired among themselves, causing substantial financial loss to the bank. After completion of the investigation, the CBI filed a chargesheet in November 2010 against the accused.

Published - November 23, 2024 08:44 pm IST