Union Bank ex-manager gets 5-yr RI, wife 3-yr jail
The accused was convicted of manipulating entries in the Core Banking System (CBS) of the bank by using his own user ID and user IDs of others to swindle funds.
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CHENNAI: The special judge for CBI cases has sentenced K Bhaskar Rao, the then manager of Union Bank of India, to undergo five years rigorous imprisonment (RI) with a fine of Rs 10.76 lakh and his wife K Sailaja to undergo three years RI with a fine of Rs 37,000 for defrauding the public sector financial institution.
CBI had registered a case on 31 July 2009 against the accused for siphoning off the bank’s funds. It was alleged that while working as the manager of Union Bank of India, Sowcarpet branch during the year 2007-09, also looking after the Advances Department of the branch, he had defrauded the financial institution. The accused was convicted of manipulating entries in the Core Banking System (CBS) of the bank by using his own user ID and user IDs of others to swindle funds.
The accused also made unauthorised transactions such as reactivating the dormant savings accounts, creating fictitious loans against deposits and investing the money in shares of various companies, in his and his wife Sailaja’s name.
A loss to the tune of Rs 4.1 crore was caused to the bank. While Rs 3.12 crore was recovered by the Bank, an amount of Rs 98 lakh had to be recovered.
CBI filed a chargesheet against the accused in the year 2010.
