Bank official, others convicted in fraud case in TN
Chennai: A CBI court on Tuesday convicted a Senior Manager of Indian Overseas Bank and three others in a bank fraud case leading to a loss of Rs 30.8 lakhs to institution.
CBI has registered a case in 2002 against the bank official and four others on the allegations that during 1996-2002 they had entered into a criminal conspiracy to cheat the public sector bank at Neyveli, a CBI release said.
The bank official by abusing his position "dishonestly and fraudulently" allowed excess withdrawals from the cash credit account of one of the accused who owned a construction firm, it said.
During the trial, one of the accused died and the charges against him were abated.
Additional Special Judge for CBI cases E M K S Siddharthar sentenced two to undergo rigorous imprisonment of three years and two others to two years and imposed a fine of Rs 27 lakh on them. Out of the total fine, Rs 26 lakh was to be remitted to the bank, the court said.