BENGALURU: Observing that loans amounting to crores of rupees have not been recovered due to the Cand misconduct on the part of bank officials and borrowers, the Special Court for CBI Cases has sentenced a former assistant general manager of Dena Bank and two partners of a private firm for allegedly causing a loss of Rs 7.21 crore to the bank.
The CBI had filed a chargesheet against the accused based on a complaint by the bank for offences punishable under provisions of the IPC and Prevention of Corruption Act. Special Court Judge HA Mohan passed the order sentencing Ramesh Raghunath Kamath, the then assistant general manager of Dena Bank, KG Road, Bengaluru, to two years simple imprisonment and slapped a fine of Rs 1 lakh on him, Jyotsna Kulkarni to undergo one-year simple imprisonment and a fine of Rs 75,000 and N Sudhakar Rao to three years’ simple imprisonment and a fine of Rs 6 lakh.
Jyotsna and her husband Rao were partners of Hyderabad- based Vaishnavi Sales Corporation. It is alleged that Kamath in collusion with Vaishnavi Sales Corporation caused a loss of Rs.7.21 crore to the bank. The CBI contended that the other two accused had forged and created documents to get the loan.
The evidence showed that Rao misused the loan amount for his own purposes and not for the purpose it was sanctioned. He created fake companies and misused the loan and did not repay it. Meanwhile, the court observed that the investigating officer could have investigated the case in a better manner. It accused him of not applying his mind properly.