Two bank managers were imprisoned and fined Rs 52 lakh for fraudulently disbursing loans in a Rs 12.63 crore scam.

Three people, including two former Syndicate Bank branch managers, were found guilty and given sentences in a significant financial misconduct verdict for their actions in a fraud case worth Rs 12.63 crore. The offenders were sentenced to prison terms of one to three years and fined Rs 52 lakh by the court.

Cyber News Nov 25, 2024 0 106 Add to Reading List

Two bank managers were imprisoned and fined Rs 52 lakh for fraudulently disbursing loans in a Rs 12.63 crore scam.

Three people, including two former Syndicate Bank branch managers, were found guilty and given sentences in a significant financial misconduct verdict for their actions in a fraud case worth Rs 12.63 crore. The offenders were sentenced to prison terms of one to three years and fined Rs 52 lakh by the court.

Among those found guilty are Asadulla Khan, a private citizen, and H.M. Swamy and Vittal Das, former branch managers of Syndicate Bank in Mandya and Kollegal, respectively. Vittal Das was given a one-year prison sentence and a Rs 50,000 punishment, while Swamy and Khan were given three years in prison and fines of Rs 1.5 lakh and Rs 50 lakh, respectively.

The Central Bureau of Investigation (CBI) filed a complaint in May 2009, citing accusations made by Syndicate Bank's Chief Vigilance Officer. The accused were accused of engaging in fraudulent loan transactions through various credit facilities, including the "Synd. Jai Kisan Loan" scheme. The bank suffered a significant financial loss as a result of the investigation, which exposed egregious abuse of power and a criminal conspiracy.

The CBI filed a chargesheet against the defendants in November 2010 after conducting a thorough investigation. The court's decision serves as a warning against dishonest banking practices and emphasizes the grave repercussions of financial misbehavior.