Syndicate Bank Fraud Case: Ex-Bank Manager & 4 Others Sentenced To 5 Years Rigorous Imprisonment

Syndicate Bank Fraud Case: Ex-Bank Manager & 4 Others Sentenced To 5 Years Rigorous Imprisonment

CBI had registered the instant case on February 29, 2016 based on complaint from the Syndicate Bank against G Satya Babu and unknown others on allegations that accused entered conspiracy with others and caused loss to the bank.

Somendra SharmaUpdated: Tuesday, March 19, 2024, 12:10 AM IST
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The Special Judge for CBI Cases, Bangalore, has today sentenced G Satya Babu, the then Sr Manager in Syndicate Bank of Jalahalli Branch Bangalore; Bharati S, Nalinakshi, S Ramesh and Prince Neshan, to Rigorous Imprisonment of 5 years along with combined fine of Rs 62.3 lakh in a bank fraud case.

Details of case

CBI had registered the instant case on February 29, 2016 based on  complaint from the Syndicate Bank against G Satya Babu and unknown others on allegations that accused entered conspiracy with others and caused loss to the bank.

After completion of investigation, 2-charge sheets were filed against accused including those sentenced today. Investigation revealed that Satya Babu and private persons, on the allegations that Satya Babu entered into criminal conspiracy with borrowers and sanctioned various loans under MSE Scheme initiated by Syndicate Bank and sanctioned MSME loans under his discretionary powers based on fake quotations and thereby caused a wrongful loss of Rs.76 lakh (approx) to the bank.

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

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