Bank manager gets 5-year RI

Four others, including a woman, all partners of a firm, who received illegal advantage, were also sentenced to rigorous imprisonment for varying terms. 

A total fine of Rs 80 lakh was slapped on all of them. The prosecution case was that SR Karunakaran, while working as a senior manager of Canara Bank here, abused his official position and caused a loss of Rs 2.11 crore to the bank by hatching a criminal conspiracy with the firm’s partners. He had permitted a temporary Overdraft from Open Cash Credit accounts without following any banking procedure and also allowed diversion of OCC funds to the four partners of the firm, a CBI release said.