In a cheating case of Rs.2.40 crores, two bank officials have been punished with three years rigorous imprisonment by a special CBI Court.
In the instant case, a case was registered with CBI by the CVO of State Bank of Mysore’s against Bhopal branch’s the then Branch Manager A S Hegde, Assistant Manager Ravinder Kumar, Tanu Shree Homes’ proprietor Ravi Sahu and another person Raj Kumar Rai of Silwani village in Raisen Disrict for duping the bank for Rs.2.40 Crores.
The bank officials, in collusion with a builder, had disbursed 21 housing loans to different borrowers and later cheated the bank.
After investigations, the CBI had filed a charge sheet against these people following which the special court on January 15 sentenced them to three years imprisonment.
The court also imposed a fine of Rs 1.30 lakh against Hegde and Kumar and Rs 1.20 lakh against Sahu and Rai, the official said, adding that if they failed to pay the fine, they will have to undergo an additional 3 months imprisonment.
Read: Comprehensive guide to Credit Appraisal Process in Banks
Finance minister has approved revision in CGM level post in public sector banks. Earlier, the…
Working Capital is a financial indicator of operational liquidity of a business organization. Working Capital…
Meaning of pari passu charge - Pari-passu is a Latin phrase, which means "equal footing". …
The Simplified Turnover Method is normally used by banks in order to assess the working…
Letter of Credit (LC) and the ‘Standby Letter of Credit' (SBLC) are used by Importers…
Punjab National Bank (PNB) has announced a Diwali surprise event for its employees. To express…