SBI Bank Branch Manager Sentenced to 4 Years in Jail

Y. Kiran Babu, the former manager of the State Bank of India (SBI) branch in Alangudi, Pudukkottai district, Tamil Nadu, was convicted to four years of hard jail and a fine of INR 3.7 lakh by a special CBI court in Madurai. The decision was made in a well-known bank fraud case involving the embezzlement of around INR 4.95 crore from SBI's internal books.

The case was initially registered by the Central Bureau of Investigation (CBI) on December 31, 2018, following allegations that Kiran Babu, in his capacity as branch manager, abused his position to embezzle funds. According to the CBI, Kiran Babu transferred funds from the Branch General Ledger (BGL) account, meant for internal accounting purposes, into his wife’s bank accounts at various banks. The fraudulent transfers, which began in December 2016, were carefully disguised in smaller transactions to evade detection.

The investigation revealed that Kiran Babu, in collusion with others, conducted multiple unauthorized transfers, amounting to a total of INR 4.94 crore, by debiting funds from the BGL account. This account is typically used for handling internal transactions within the bank and does not impact customer accounts directly. By exploiting this system, he was able to avoid immediate detection and misappropriated the funds over a period of time.

On September 24, 2019, the CBI issued a charge sheet against Kiran Babu after concluding the investigation. He was convicted and sentenced after the court found him guilty of fraud and conspiracy after a comprehensive trial. The decision strengthens the penalties for financial malfeasance and places an emphasis on accountability within the banking industry.

Follow cyberdeepakyadav.com on

 Facebook, Twitter, LinkedIn, Instagram and YouTube