THEN BRANCH MANAGER & HIS WIFE SENTENCED TO UNDERGO ONE YEAR IMPRISONMENT FOR CAUSING LOSS OF Rs. 1.49 CRORE (APPROX.) TO BANK.

Press Release
New Delhi , 21.06.2012

            The Special Judge for CBI cases, Bangalore has convicted Sh. C. Surendra Hedge, the then Branch Manager, Pragati Gramin Bank, Holehonnur Branch, Shimoga (Karnataka) & his wife Smt. Vijayalakshmi (private person) and sentenced them to undergo one year Simple Imprisonment with fine of Rs. 90,000/- for causing loss of Rs. 1.49 crore (Approx.) to Pragati Gramin Bank.

 

            A charge sheet against Shri C. Surendra Hedge, the then Branch Manager, Pragati Gramit Bank, Holehonnur Branch, Shimoga and his wife Smt. Vijayalakshmi was filed u/s. 120-B r/w, 409, 420, 468, 471-IPC and Sec. 13(2) r/w 13(1) (d) of the Prevention of Corruption Act-1988. The allegations as per the charge sheet were that Shri C. Surendra Hedge during the period from 2007 to 2008 had sanctioned various valuable security loans, pledge loans & other loans without the knowledge & consent of the account holders and had utilized the same amount without the knowledge of the depositors. Thereby, the accused had misappropriated an amount of Rs. 149.65 lakhs and caused loss to Pragati Gramin Bank.

 

            The Trail Court found both the accused guilty and convicted them after trial.

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