The special court for CBI cases here on Wednesday sentenced K. Sajeesh, former senior manager of Canara Bank’s Kavundampalayam branch, to undergo two year of rigorous imprisonment (RI) in a loan fraud that caused a loss of ₹1.31 crore to the bank.
The court also sentenced Rakav Balaji and Jaishankar, both private persons, to undergo RI for three years in the case registered in 2008.
A release issued by the Anti-Corruption Branch of CBI, Chennai, said special judge S. Nagarajan also imposed a total fine of ₹ 8 lakh on the three persons.
CBI said in the release that the case relates to alleged sanction of 26 housing loans to the tune of ₹1.23 crore by Sajeesh to various borrowers in violation of bank norms without conducting pre and post sanction inspections.
The loans were issued on the strength of forged and fabricated salary certificates produced and arranged by Balaji and Jaishankar, said the release.
