SEVEN YEARS RIGOROUS IMPRISONMENT TO THEN ASSISTANT MANAGER OF CORPORATION BANK IN A BANK FRAUD CASE AND THREE YEARS RI TO THEN CHIEF MANAGER OF HINDUSTAN AERONAUTICS LTD IN DISPROPORTIONATE ASSETS CASE

Press Release
New Delhi, 26.07.2017

The Special Judge for CBI Cases, Bangalore has sentenced Shri Srinivasulu, former Assistant Manager, Corporation Bank, Tubbagere Branch, Bangalore Rural District (Karnataka) to undergo seven years Rigorous imprisonment with fine of Rs.5 lakh each of the offence u/s. 409, 467, 477-A of IPC & Section 13(2) r/w 13(1)(c) & (d) of PC Act-1988 and also two years RI with fine of Rs.One lakh u/s. 471 of IPC.

CBI had registered a case on the allegations that Assistant Manager, Corporation Bank, Tubbagere Branch, Bangalore Rural District had made unauthorized debit /credit entries from the inoperative Janata Deposit Accounts and prematurely closed the FD of another depositor without consent or original FD receipt, for the purpose of opening Kshemanidhi Cash Certificate in his name & his wife’s name. He had made these transactions without preparing challans & misused the user ID of other staff of the branch and further got sanctioned himself loan out of the fraudulently opened KCC deposits for the purpose of repaying his outstanding loan with the bank. He had also withdrawn Rs.90,000/- from the SB account of his wife without her knowledge by forging her signature. The accused had caused loss to the bank by misappropriating an amount of Rs.10,71,591/-. After investigation, a chargesheet was filed on 27.02.2015 against the accused u/s. 409, 418, 420, 467, 468, 477-A of IPC and 13(2) r/w. 13(1)(c)&(d) of PC Act-1988.

In another case, the Special Judge for CBI Cases, Bangalore has sentenced Shri Manda Varaprasad Rao, then, Chief Manager (IMM), LCA-LSP Division, M/s. Hindustan Aeronautics Ltd., Bangalore to undergo three years Rigorous Imprisonment with fine of Rs. 10 lakh.

The investigation revealed that during the period from 18.07.1997 to 26.10.2004, while functioning as public servant in various capacities including Senior Manager, Chief Manager of HAL at Kanpur, Korwa, Hyderabad & Bangalore, the accused had acquired assets or pecuniary resources which were disproportionate to his known sources of income to the extent of Rs. 24,02,006/-. After investigation, a charge sheet was filed on 07.11.2006 against the accused under u/s. 13(2) r/w. 13(1)(e) of PC Act-1988.

The Trial Court found the accused guilty and convicted them.

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