THREE YEARS RIGOROUS IMPRISONMENT TO THEN SENIOR MANAGER OF INDIAN BANK AND THREE PRIVATE PERSONS FOR CAUSING LOSS OF Rs. 20 LAKH(APPROX) TO INDIAN BANK

Press Release
New Delhi , 12.08.2013

            The Special Judge for CBI Cases, Bangalore has convicted Shri S.N.Shankar, the then Senior manager, Indian Bank, Sadashivanagar Branch, Bangalore and three other private persons Sh. G. P. Prabhy; Sh. G. N. S. Sharma & his wife Smt. R. T. Indrakshi all resident of Bangalore to undergo three years rigorous imprisonment with fine of Rs.85,000/-.

 

            The CBI had filed a charge sheet against Shri S.N.Shankar and others U/s.120-B r/w 420, 468, 471 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 Shri S.N.Shankar in connivance with other accused persons had processed & recommended for sanction of term loan to the firm owned by the private persons without conducting pre-sanction verification; without complying the sanction conditions of the Zonal Office and had disbursed the term loan based on the false & fabricated documents submitted by the borrower. A loss of Rs. 20 lakh(approx) was caused to Indian Bank.

 

            The Trial Court found the accused guilty and convicted them.

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