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CBI court sentences IOB Manager to three years RI for cheating

Tuesday, 10 December 2013 - 8:44am IST | Agency: PTI

A special CBI court in Chennai has sentenced a former Indian Overseas bank Manager and three other persons to three years rigorous imprisonment for defrauding the bank to the tune of Rs 15 lakh in 2002.

Former branch Manager of Indian Overseas Bank in Kilpauk in Chennai, A Sreenivasa Rao, and three private persons -- Kamalakannan, Rajesh Thomas and R Praveen Raj Kumar -- were sentenced to three years RI and a fine of Rs 80,000 was slapped on them. "It was alleged that in 2002, the accused persons had entered into criminal conspiracy to cheat the bank. Rao had sanctioned CC limits based on forged documents without conducting verification of the collateral securities. The private persons forged a lease deed as if it was entered into between Thomas and a proprietor of a shop, leasing the shop to Chennai-based firm. Rao did not inspect the shop reportedly taken on lease by the firm. But no shop was taken on lease by the accused persons. A loss of about Rs 15 lakh was caused to the bank," a CBI spokesperson said here.

In another case, a CBI court in Hyderabad sentenced the then branch manager of Dena bank and two other officers of the bank to two years RI in a similar case of cheating the bank. K V Charyulu, the then Branch Manager of Dena Bank, M Satyanarayana Rao, then Accountant and MVV Nageswara Rao, the then officer of the bank's branch in Sanathnagar in Hyderabad were convicted by the court. "CBI had registered a case on the allegations that the accused public servants had entered into a criminal conspiracy with two private persons and cheated the bank to the tune of Rs 35 lakh (approx) in the sanction of temporary ODS and honouring cheques even though there was no balance in the account and issue of credits for the amounts of Pay Orders without any sanctioned limit and without obtaining any securities," the spokesperson said.


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