The accused adopted different modus operandi for his personal benefits and manipulated the entries in the Core Banking System (CBS) of the bank by using his own User ID & User IDs of other officers of the bank
FinTech BizNews Service
Mumbai, January 1, 2024: The Special Judge for CBI Cases, Chennai (Tamil Nadu) has sentenced Shri K. Bhaskar Rao, then Manager, Union Bank of India to undergo five years Rigorous Imprisonment with fine of Rs. 10.76 lakh and and his wife Smt. K. Sailaja to undergo three years RI with fine of Rs. 37,000/-.
CBI had registered a case on 31.07.2009 against the accused. It was alleged that while working as Manager, Union Bank of India, Sowcarpet Branch, Chennai during the year 2007-09 and also looking after the Advances Department of the branch, had defrauded the bank & siphoned bank's funds. The accused adopted different modus operandi for his personal benefits and manipulated the entries in the Core Banking System (CBS) of the bank by using his own User ID & User IDs of other officers of the bank. The accused also made unauthorized transactions such as reactivating the Dormant SB Accounts, by way of creating fictitious loans against deposits and invested the money with various investment companies, on shares in his name & in the name of his wife Smt K Sailaja. A loss to the tune of Rs 4,10,81,000/- was caused to the Bank. While Rs.3,12,32,000/- was recovered by the Bank and an amount of Rs 98,49,000/-, was outstanding.
After investigation, CBI filed a chargesheet against the accused on 09.08.2010.
The Trial Court found both the accused guilty and convicted them.
