India News | Ex-Syndicate Bank Employees, Another Person Handed Jail Term in Fraud Case
Get latest articles and stories on India at LatestLY. A special CBI court in Bengaluru has sentenced two former managers of Syndicate Bank and another person to one to three years in jail in a Rs 12.63-crore bank fraud case, officials said here.
New Delhi, Nov 23 (PTI) A special CBI court in Bengaluru has sentenced two former managers of Syndicate Bank and another person to one to three years in jail in a Rs 12.63-crore bank fraud case, officials said here.
Additional City Civil and Sessions Judge and Special Judge for CBI Cases Mohan awarded the jail terms to former branch manager H M Swamy, former manager Vittal Das and private person Asadulla Khan with a total fine of Rs 52 lakh, they said.
Swamy was sentenced to three years in jail with a fine of Rs 1.5 lakh, Vittal Das to one year in jail with a fine of Rs 50,000 and Asadulla Khan in three years in jail with a fine of Rs 50 lakh, a CBI spokesperson said.
"The Central Bureau of Investigation (CBI) had registered the instant case on April 15, 2009 on a written complaint of the Chief Vigilance Officer, Syndicate Bank against accused...It was alleged that the accused indulged in fraudulent transactions in the sanction and disbursal of loans under the "Synd. Jai Kisan Loan and other credit facilities," the CBI spokesperson said in a statement.
It said the accused grossly misused their authority and conspired among themselves, causing substantial financial loss to Syndicate Bank.
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