CBI court orders 10 years rigorous imprisonment for bank official who swindled his own bank
A former Assistant General Manager (AGM) of the Syndicate Bank was convicted by a special court for CBI cases on Wednesday in connection with a case of misuse of bank funds for personal benefit. The former AGM of the Syndicate Bank’s Yeshwanthapura branch in North Bengaluru J Kannan and his brother J Muralidharan were convicted in the case registered in 2012 by the CBI’s anti-corruption bureau.
CBI special judge B K Naik sentenced Kannan to 10 years of rigorous imprisonment and slapped a fine of Rs 60 lakh while his brother was sentenced to three years rigorous imprisonment and fined Rs 5 lakh.
Kannan was convicted on charges of criminal conspiracy, cheating, forgery, criminal breach of trust, falsification of accounts, submitting forged documents as genuine and criminal misconduct while Muralidharan was convicted for criminal conspiracy and cheating.
The Anti-Corruption Bureau of the CBI had registered a case against the duo in 2012 and a charge sheet was filed in the year 2014. J Kannan was accused of cheating the bank to the tune of Rs.12.22 crore by siphoning bank for his personal benefit.
The CBI investigation found that Kannan was debiting large amounts of money through drawee bills while noting the same under the head of advances in the bank’s general ledger but was actually crediting the money to his SB account in the Syndicate Bank, Yeshwanthpur Branch.
After this preliminary transfer Kannan would siphon the amounts to an account he held at the Axis Bank, Thallakulam Branch in Tamil Nadu, the CBI found. He also transferred the stolen money to the bank account of his brother J Muralidharan.
The former Syndicate Bank AGM also forged drawee bills, credit vouchers, debit vouchers and used them as genuine documents to cheat his bank in a total of 24 fraudulent transactions where he did not maintain any credit and debit vouchers the special court found.
Source:BankingUpdates.
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