Bank fraud case: 3 get 6-year RI

An officer of Canara Bank and two others were today sentenced to six years rigorous imprisonment (RI) by a CBI court in Coimbatore for cheating and causing wrongful losses of Rs 5.7 crore to the bank.
G Senthil Kumar, II Additional District and Sessions Judge and Special Judge for CBI Cases, held guilty S Natarajan, officer in Canara Bank's Mudalaipatti branch in Namakkal, P Sekhar and A Ravi, a former employee of the bank.
He imposed a total fine of Rs. 58,000 on the three, a CBI release said here.
The Judge acquitted another accused R Mani, a collection agent with the bank.

According to prosecution, Natarajan and four others allegedly entered into a criminal conspiracy to cheat the bank during 1996-97.
Accordingly, Sekhar opened an account with the Mudalaipatti Branch with the 'active assistance' of the other accused by producing false identity and address proofs.

Further, Ravi procured counterfeit outstation cheques and got them deposited in the account opened by Sekhar, it said.
Natarajan absued his official position and "allowed and facilitated the fraudulent credit to the account by way of showing them as Inter Branch Advices (IBA) from Bangalore and Hyderabad and allowed withdrawls by self cheques, bearer cheques and account payee cheques," it said.

The accused had 'defrauded' the bank causing a wrongful loss of Rs 5.7 crore, it said adding CBI filed a charge sheet in the case under different sections of IPC and Prevention of Corruption Act.
During the trial, one of the accused P Ayayvoo expired and charges against him abated, it said.