THREE YEARS RIGOROUS IMPRISONMENT TO A DIRECTOR OF BANGALORE BASED PRIVATE FIRM FOR CAUSING A LOSS OF Rs. 2.41 CRORE(APPROX) TO STATE BANK OF MYSORE

Press Release
New Delhi , 06.08.2013

            The Special Judge for CBI Cases, Bangalore has convicted Shri Sri Swaminathan Ramji, Director, M/s Impressive Touch Wood Crafts Ltd., Bangalore and sentenced him to undergo three years rigorous imprisonment with fine of Rs.20,000/-. M/s Impressive Touch Wood Crafts Ltd., Bangalore was also fined Rs.20,000/-.

 

            The CBI had filed a charge sheet against then AGM; then DGM both of State Bank of Mysore, Bangalore; Shri Sri Swaminathan Ramji Director of M/s Impressive Touch Wood Crafts Ltd. and his firm U/s.120-B r/w 420 IPC and U/s. 13(2) r/w 13(1) (d) of the PC Act-1988. The allegation as per the charge sheet were that the then AGM of State Bank of Mysore in connivance with other accused persons had extended various credit facilities to the said firm by violating the laid down procedures and norms of the bank. The accused also ignored the adverse features pointed out by the Head Office of the Bank on the firm and thereby caused a wrongful loss of Rs.241.59 lakhs to State Bank of Mysore and wrongful gain to themselves.

 

            The AGM of State Bank of Mysore died during the course of trial and the then DGM, of State Bank of Mysore was acquitted.

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