5 years in jail for former Central Bank official in fraud case

The special CBI court here today awarded five years' rigorous imprisonment to a former branch manager of the Central Bank of India and two others in a case of loan fraud.
Another accused in the case was awarded one year's rigorous imprisonment.
R S Iyer, former manager of Shahpura branch of the public sector bank, Assistant Manager M B Naik and two others -- Dharmendra Parmar and Sunil Lahoti -- had been charged under section 420 (cheating) and other relevant offences under Indian Penal Code and Prevention of Corruption Act.
According to a CBI release here, Iyer entered into a conspiracy with certain borrowers and builders to sanction housing loans on the basis of fake title deeds.

It caused a loss of Rs 51.77 lakh to the bank, it said.
The court imposed a fine of Rs 7 lakh each on Iyer and Naik, and Rs 10 lakh on Parmar, apart from sentencing them to five years' RI.
Lahoti was sentenced to three years' RI and fined Rs one lakh.