The former Manager of Union Bank of India in Chennai’s Sowcarpet Branch, K Bhaskar Rao, has been sentenced to five years of rigorous imprisonment and a fine of Rs 10.76 lakh by the Special Judge for CBI Cases in Chennai.
His wife, K Sailaja, has also been sentenced to three years of rigorous imprisonment and a fine of Rs 37,000 in connection with a bank fraud case. The Central Bureau of Investigation (CBI) had registered a case against the accused on July 31, 2009.
It was alleged that during his tenure as the Manager of the bank’s Sowcarpet Branch from 2007 to 2009, Rao had defrauded the bank and misappropriated its funds.
The accused used his User ID and the User IDs of other bank officers to manipulate the entries in the Core Banking System (CBS) and carried out unauthorized transactions, including reactivating dormant accounts and creating fictitious loans against deposits. T
he accused and his wife invested the embezzled money in various investment companies. The bank suffered a loss of Rs 4,10,81,000, out of which Rs 3,12,32,000 was recovered, leaving an outstanding amount of Rs 98,49,000.
The CBI filed a chargesheet against the accused on August 9, 2010, and after the investigation, the Trial Court found them guilty and convicted them.