Former SBI Asst Manager jailed for 6 years in fraud case

CHENNAI: A Chennai court has sentenced a former assistant manager of State Bank of India (SBI) to six years rigorous imprisonment for swindling Rs 82 lakh from a customer’s account and defrauding the bank.

K Madhavan (37) of Karur who was working with SBI’s RACPC (Retail assets Central processing centre) in Chennai as an assistant manager had swindled the amount by changing the customer’s phone number to his and authorised transaction to his personal account.

His fraud came to light in 2020 after which, based on a complaint, the Central Crime Branch (CCB) of Chennai Police arrested him.

After trial, a magistrate court in city found Madhavan guilty of the charges against him and sentenced him to 6 years imprisonment and directed him to settle the money he swindled back to the bank, failing which he will have to spend an additional year in prison.