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4 Bangalore Bank Staff Convicted for Fraud

A CBI court in the City has convicted four Bengaluru-based bank employees in a fraud case and sentenced them to four years.

Published: 02nd December 2015 04:31 AM  |   Last Updated: 02nd December 2015 04:49 AM   |  A+A-

CHENNAI: A CBI court in the City has convicted four Bengaluru-based bank employees in a fraud case and sentenced them to four years rigorous imprisonment besides slapping a fine totalling Rs1.2 crore.

K Venkatasamy, XI Additional Special Judge for CBI Cases, on November 30 convicted the quartet.

According to the Anti Corruption Branch of CBI, Chennai, during 1990,  S Ramakrishnan (A1) Chief Manager and N Krishnamurthy (A2) Manager of Indian Overseas Bank Branch in Chennai, BR Jayanthi (A3) and C Punyavathi (A4,) partners and Kasinath (A5), Chief Executive of Madura International, Chennai, and BR Badrinath (A6)and Srinivasa Rao (A7), an approved valuer of Indian Bank, conspired with each other to cheat the bank. A2 to A6 are residents of Bangalore and related to each other.

In pursuance of the conspiracy, Jayanthi, Punyavathi, Kasinath and Badrinath submitted an altered, forged and fabricated collateral security documents by projecting a property measuring 12 acres as 120 acres in support of the credit facility to the tune of Rs. 95.40 lakh and FBP facility for Rs. 1.29 lakh. Knowing fully well about the real worth of the property and forged nature of the property documents, Krishnamurthy and Srinivasa Rao gave false inspection report and valuation report respectively and Ramakrishnan recommended for the sanction of the facilities and got released the loan of Rs1.23 crore to Madura International.

The above said act of the accused persons caused wrongful loss of Rs1.31 crore to the bank.

After a probe, the CBI filed the charge-sheet against the accused. During trial Krishnamurthy and Srinivasa Rao expired and the charges against them abated. On completion of trial, Jayanthi, Punyavathi, Kasinath and Badrinath were convicted and sentenced to undergo RI for four years. A fine of Rs30 lakh was also imposed on each of them. However, Ramakrishnan, the first accused, was acquitted.

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