THREE YEARS IMPRISONMENT TO TWO MANAGERS OF SYNDICATE BANK AND A PRIVATE PERSON FOR CAUSING LOSS OF Rs 1.60 CRORE TO BANK.

Press Release
New Delhi , 24.07.2012

            The Special Judge for CBI Cases, Bangalore has convicted Shri P. Obaiah, the then Branch Head; Shri G. V. Halappa, the then Manager (Credit), both of Syndicate Bank, N.R. Colony Branch, Bangalore and Shri N. Shankar, a private person and sentenced them to undergo three years simple imprisonment with total fine Rs. 6,25,000/- for causing loss of Rs. 1.60 crore to Bank.

 

            The CBI had filed a charge sheet after completion of investigation in the case against Shri P. Obaiah and two others U/s 120-B r/w 409, 420, 467, 468, 471 of IPC and Sec. 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 P. Obaiah and Shri G. V. Halappa while working in Syndicate Bank, N. R. Colony Branch, Bangalore had entered into criminal conspiracy with other accused person during 2007-09 in the matter of sanction & disbursal of secured overdraft and other secured loan. They allowed discounting of bills in violation of bank procedures & rules and on the basis of forged documents. The accused persons caused a wrongful loss of Rs.1.60 crore to Syndicate Bank and corresponding wrongful gain to themselves.

 

            The Trial Court found the accused guilty and convicted them.

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