Two persons, including a bank official, were convicted by a special court for Central Bureau of Investigation (CBI) cases in a misappropriation case here on Monday.
According to a release, A. A. Victor, former manager of the Indian Bank (Velachery Branch) and Ambalal Jain, Managing Director of Hope Trading and Marketing Pvt. Ltd entered into a criminal conspiracy to cheat the bank.
In pursuant to the same, the bank official abused his official position and issued five bank guarantees in favour of the firm in violation of mandatory procedures. This caused a wrongful loss to the tune of Rs.65 lakh to the bank.
The Additional Special Judge for CBI cases S. Manoharan who heard the case sentenced Victor to three years rigorous imprisonment and imposed a fine of Rs.1 lakh.
Jain was sentenced to one year RI with a fine of Rs.80,000.
A few others accused in the case were discharged from the case by the Supreme Court, the release said.
Keywords: criminal conspiracy