Bank manager, four others convicted in a fraud case

A CBI court here today sentenced five persons including a former manager of Indian Overseas Bank (IOB) to imprisonment ranging from one year to seven years for causing Rs 15 lakh loss to the bank and slapped a fine of Rs 31.40 lakh on them.
11th Additional Special Judge for CBI cases in Chennai E M K S Siddharthar awarded seven year rigorous imprisonment to A Srinivas Rao, former manager of IOB, Choolai Branch, the main accused, and Kamalakannan.
K Varadappa Naicker, K Govindarajan were given three year jail term and Jayakumar was sentenced to one year imprisonment.
The prosecution had proved that Rao had abused his official position, connived with other convicted persons and recommended for Rs 22 lakh credit facility and Rs two lakh as letter of guarantee to a private firm on the basis of forged documents of a property which was offered as collateral security, a CBI release said here.

The property document offered as security by Kamalakannan standing in the name of Varadappa Naicker was fabricated, it said adding the said acts of accused persons caused a wrongful loss of Rs 15 lakh' to the bank and corresponding wrongful gain to the accused persons.