BRANCH MANAGER AND FOUR OTHERS SENTENCED TO UNDERGO TWO YEARS RIGOROUS IMPRISONMENT FOR CAUSING LOSS TO PUNJAB & SIND BANK

Press Release
New Delhi , 30.05.2012

            The Special Judge for CBI Cases, Patiala(Punjab) has sentenced Shri Yatish Kumar, the then Branch Manager, Punjab & Sind Bank, Amritsar and four private persons i.e. Shri Gursaran Singh @ Sweety; Sartaj Singh; Kripal Singh and Lakhwinder Singh to undergo two years Rigorous Imprisonment for causing loss of about Rs.1.18 crores to the Bank

 

            The Central Bureau of Investigation had registered a case on 30.11.2003 on a complaint from Punjab & Sind Bank wherein it was alleged that Shri Yatish Kumar, the then Branch Manager of Punjab & Sind Bank, Amritsar Branch, in pursuance of a criminal conspiracy with his old associates namely, Gurcharan Singh @ Sweety and others sanctioned different housing Loans. He abused his official position in as much as he did not utilise the services of the Appraisal Officer posted in the branch for conducting appraisal of the related proposals & valuation of the properties to be purchased out of the funds disbursed by the bank. The loans were sanctioned without proper verification of the borrowers on the basis of their fake/forged Income Tax Returns arranged by Shri Gursharan Singh, resulting in a loss of about Rs. 1.18 Crores to the bank.

 

            Two separate chargesheets were filed by CBI in the court of Special Judge for CBI cases, Patiala (Punjab) against Shri Yatish Kumar, Gursaran Singh @ Sweety and the related borrowers namely Sartaj Singh, Kripal Singh and Lakhwinder Singh. The Trial Court found the accused persons guilty and convicted them yesterday.

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