Former bank manager, three others sentenced to 3 yrs RI
Chennai: A CBI court Thursday sentenced four persons, including a former branch manager of Indian Overseas Bank (IOB), to three years Rigorous Imprisonment for defrauding the bank of Rs 15 lakh.
Additional Special Judge for CBI Cases E M K S Siddharthar also imposed a fine of Rs 80,000.
CBI had registered a case in 2002 against A Sreenivasa Rao, the former branch manager, three persons and TICOM Telysys Pvt Ltd for allegedly conspiring to cheat IOB.
Rao had abused his official position and sanctioned the funds based on forged documents without verifying the collateral securities, a CBI release said.
Two of the accused forged a lease deed to make it look as if it was entered between one of them and the proprietor of a shop at Purasawakkam leasing the shop to TICOM.
Investigations revealed Rao had not inspected the shop and that in fact no shop was taken on lease by them.
Rao released payments from the Term Loan account to the firm`s CC account without obtaining any bill invoice, thereby caused wrongful loss of about Rs 15 lakh to IOB, it said.
CBI had filed a charge sheet against them under various sections of the IPC.
On completion of trial, Additional Special Judge for CBI Cases pronounced the judgement today.
More from India
More from World
More from Sports
More from Entertaiment
- Security guard beats woman journalist publicly in Pakistan
- Pakistan violates ceasefire in J&K's Hiranagar; 7 Pak Rangers killed, BSF jawan injured
- ISIS terrorists escape Mosul disguised in women's clothing
- DNA: Analysing the existing poor condition of Indian education system
- DNA: Pakistan violates ceasefire in J&K's Hiranagar; Seven Pak Rangers killed
- Navjot Singh Sidhu out on zero to Waqar Younis in 1990 – The match Kapil Sharma keeps talking about
- MS Dhoni reacts in astonishment as Axar Patel takes a stunning one-handed catch - VIDEO
- BSP shrugs off Rita Bahuguna 's jump; says BJP will still face defeat in UP polls
- MS Dhoni or Virat Kohli? Here's Virender Sehwag's best ever reply
- Sushant Singh Rajput’s former girlfriend Ankita Lokhande’s Karva Chauth photos will surprise you