Syndicate Bank Manager and 4 sentenced to 05 Years of Rigorous Imprisonment in a Bank Fraud Case

In a Bank Fraud case, the Special Judge for CBI Cases in Bangalore sentenced Shri G. Satya Babu, the then Sr. Manager of Syndicate Bank, Jalahalli Branch Bangalore, Smt. Bharati S, Smt. Nalinakshi, Shri. S. Ramesh, and Shri Prince Neshan to 05 years of Rigorous Imprisonment and a combined fine of Rs. 62.3 lakh.

The CBI filed the current case on February 29, 2016, in response to a complaint from the Syndicate Bank, Regional Office, Bangalore, against Shri G.Satya Babu, the then Senior Manager, Syndicate Bank, Jalahalli Branch, Bangalore, and unknown others, alleging that the accused conspired with others and caused loss to the bank.

Following the completion of the investigation, two charge sheets were filed against the accused, including those sentenced today. An investigation revealed that Shri Satyababu, the then Sr. Manager of Syndicate Bank, and private individuals were accused of entering into a criminal conspiracy with borrowers and sanctioning various loans under Syndicate Bank’s MSE Scheme and MSME loans under his discretionary powers based on fake quotations, resulting in a wrongful loss of Rs.76 lakh (approx) to the bank.

After the trial, the Court held the accused guilty and sentenced them accordingly.