Syndicate Bank Fraud: CBI Court Sentences Former Managers

A CBI court in Bengaluru sentenced two ex-managers and another individual for their involvement in a Rs 12.63-crore bank fraud case at Syndicate Bank. The accused were found guilty of fraudulent transactions in loan sanctions, leading to significant financial losses. Fines totaling Rs 52 lakh were imposed.

In a landmark judgement, a special CBI court in Bengaluru handed down prison sentences to two former Syndicate Bank managers and another individual involved in a Rs 12.63-crore bank fraud case. The ruling follows a thorough investigation initiated by the CBI based on a complaint from the bank's Chief Vigilance Officer regarding fraudulent loan transactions.

Former branch manager H M Swamy, former manager Vittal Das, and private individual Asadulla Khan were found guilty of conspiracy and misuse of authority, leading to significant financial losses for the bank. Swamy received a three-year sentence with a fine of Rs 1.5 lakh, Vittal Das was sentenced to one year with a fine of Rs 50,000, and Asadulla Khan three years with a Rs 50 lakh fine, according to officials.

This case underscores the serious consequences of financial misconduct. The court's decision highlights the importance of vigilance and accountability within banking institutions to prevent similar offenses, emphasizing the role of the CBI in upholding financial integrity.

(With inputs from agencies.)