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Former bank manager, three others sentenced to 3 yrs RI

PTI | Last Updated: Friday, November 1, 2013 - 00:02

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.

First Published: Friday, November 1, 2013 - 00:02

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