Ex-banker gets 7 yr RI in fraud case

A Special CBI court here today sentenced a former manager of a nationalised bank to seven years rigorous imprisonment for siphoning off Rs 3.6 crore in 2012.

A Special CBI court here today sentenced a former manager of a nationalized bank to seven years rigorous imprisonment for siphoning off Rs 3.6 crore in 2012.

The court convicted S Satyanarayana, then manager of Bank of India in Attapur branch here and sentenced him to seven years rigorous imprisonment after he was found guilty under IPC section 409 and under relevant sections of Prevention of Corruption Act, a release from CBI said.

Satyanarayana was also convicted under various IPC sections and sentenced to 5 years and three years rigorous imprisonment respectively.

The court also slapped a total fine of Rs 1,55,000 on him.

All the sentences shall run concurrently.

The period of remand in judicial custody, during pre-trial and trial state, if any shall be given set off, the release said.

The case was registered on September 24, 2012, against Satyanarayana.

According to the prosecution, the accused fraudulently and dishonestly sanctioned three fictitious loans against two TDRs (Troubled Debt Restructuring) in the name of AP Dairy Development Cooperative Federation Ltd and AP Forest Development Corporation Ltd and siphoned off an amount of Rs 3.60 crores, thereby causing corresponding loss to the bank, the CBI release added.

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