MANAGER OF SYNDICATE BANK SENTENCED IN A CBI CASE

Press Release
New Delhi , 28-10-2011

The Special Judge for CBI cases, Bangalore has convicted Shri Bhagwan Mistry, the then Manager (Advance Deptt.), Syndicate Bank, Frazer Town Branch, Bangalore and sentenced him to undergo Simple Imprisonment for a period of 2 years with a fine of Rs.25,000/-.

A charge sheet was filed against Shri Bhagwan Mistry, the then Manager(Advance Deptt.), Syndicate Bank, Frazer Town Branch, Bangalore and 2 others U/s 120-B r/w 420, 409 IPC and Section 13(2) r/w 13(1) (c) & (d) of the Prevention of Corruption Act, 1988. The allegations as per the charge sheet were that Shri Bhagwan Mistry had processed 10-housing loan and recommended for sanction of the same without properly verifying the documents submitted by the borrowers. Further, he authorized the loan transactions in the computer system of the branch fraudulently using the user ID of his colleagues without their knowledge. He also diverted part of the loan proceeds sanctioned to the borrowers in favour of other accused persons without the knowledge of the borrowers.

The Trial Court found the accused guilty and convicted him. The other two private persons were acquitted.

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