The Special Court for CBI Cases in Coimbatore on Thursday convicted former manager of Central Bank of India's Udhagamandalam branch and two others in a bank fraud which had caused ₹ 1 crore loss to the bank.
Special court judge N. Nagarajan convicted K. Sridhar, former manager of Central Bank of India’s Udhagamandalam branch, S. K. Sundaram, a retired lieutenant colonel, and R. Sanjeevi, a private person, said a release issued by the CBI.
The Anti-Corruption Branch of CBI, Chennai, had investigated and filed chargesheet against the three persons under various Sections of Corruption Act.
The CBI inquiry found that the accused entered into a criminal conspiracy and cheated the bank in the matter of third party loan against Foreign Currency Non-Resident account deposits taken without the consent of the depositor on the strength of fake and fabricated documents. This had caused a loss of ₹ 1 crore to the bank.
The court sentenced Sridhar, Sundaram and Sanjeevi to undergo rigorous imprisonment for three years. A total fine of ₹ 75,000 was also imposed.
