Designated court sentences five accused to Rigorous Imprisonment of 05 years in a bank fraud case
FinTech BizNews Service
Mumbai, March 19, 2024: The Special Judge for CBI Cases, Bangalore, has sentenced Shri G. Satya Babu, the then Sr. Manager, Syndicate Bank, Jalahalli Branch Bangalore; Smt. Bharati S, Smt. Nalinakshi, Shri S. Ramesh and Shri Prince Neshan, to Rigorous Imprisonment (RI) of 05 years along with combined fine of Rs62.3 lakh in a bank fraud case.
CBI had registered the instant case on 29.02.2016 based on complaint from the Syndicate Bank, Regional Office, Bangalore, against Shri G.Satya Babu, the then Senior Manager, Syndicate Bank, Jalahalli Branch, Bangalore and Unknown others on allegations that accused entered conspiracy with others and caused loss to the bank.
After completion of investigation, 2-charge sheets were filed against accused including those sentenced today. Investigation revealed that Shri Satyababu, the then Sr. Manager, Syndicate Bank and private persons, on the allegations that Shri Satyababu entered into criminal conspiracy with borrowers and sanctioned various loans under MSE Scheme initiated by Syndicate Bank and sanctioned MSME loans under his discretionary powers based on fake quotations and thereby caused a wrongful loss of Rs.76 lakh(approx)/- to the bank.
After trial, the Court held accused guilty and sentenced them accordingly.
