NE NEWS SERVICE
CHENNAI, DEC 29
The Special Judge for CBI Cases, Chennai (Tamil Nadu), has sentenced K Bhaskar Rao, then Manager of Union Bank of India, to undergo five years of Rigorous Imprisonment with a fine of Rs 10.76 lakh. His wife, K Sailaja, has been sentenced to undergo three years of RI with a fine of Rs 37,000 in a money laundering case.
CBI registered a case on July 31, 2009, against the accused. It was alleged that while working as the Manager of Union Bank of India, Sowcarpet Branch, Chennai, during the years 2007-09 and overseeing the Advances Department of the branch, he defrauded the bank and siphoned the bank’s funds.
The accused employed various modus operandi for personal gain, manipulating entries in the Core Banking System (CBS) of the bank using his own User ID and the User IDs of other bank officers. Unauthorized transactions, such as reactivating Dormant SB Accounts and creating fictitious loans against deposits, were carried out.
The accused invested the money in various investment companies, shares in his name, and in the name of his wife, K Sailaja. The fraudulent activities resulted in a loss of Rs 4,10,81,000 to the Bank. While the Bank recovered Rs 3,12,32,000, an outstanding amount of Rs 98,49,000 remained. After investigation, CBI filed a chargesheet against the accused on August 9, 2010. The Trial Court found both accused guilty and convicted them.
