Fraud case: Two bank managers, 45 others sentenced to 4-year RI

Chennai

The eleventh Special Judge for CBI cases, S Jawahar, convicted V Kannan and G Kasinathan, both managers of Union Bank of India, along with 45 others, and also imposed a fine of Rs 10.04 lakh on them. 

The Anti-Corruption Branch of CBI, Chennai, investigated a case against the duo, who were branch managers of Union Bank of India, Tiruvananmalai branch and other private persons, who availed agricultural loans for purchasing tractors and power tillers and also crop loans to the tune of Rs 91.30 lakh based on false and fabricated documents and without following any bank norms. The duo has caused a wrongful loss of Rs 91,30,634 to the bank.  After completion of investigation, CBI filed the charge sheet against them under sections 120-B read with 420, 409, 467, 468 read with 471 and 477-A of the IPC, and also under section 13(2) read with 13(1) (c) and (d) of the PCA, 1988. On completion of trial, both Kannan and Kasinathan along with other 45 borrowers were convicted by the court.