PSU bank manager sentenced to 5 yrs RI in graft case

A manager of a public sector bank was sentenced to five years rigorous imprisonment by a CBI court here today in a corruption case.

Four others, including a woman, all partners of a firm, who received illegal advantage, were also sentenced to rigorous imprisonment for varying terms. A total fine of Rs 80 lakh was slapped on all of them.

The prosecution case was that S R Karunakaran, while working as a senior manager of Canara Bank here, abused his official position and caused a loss of Rs 2.11 crore to the bank by hatching a criminal conspiracy with the firm's partners.

He had permitted a temporary Overdraft from Open Cash Credit accounts without following any banking procedure and also allowed diversion of OCC funds to the four partners of the firm, a CBI release said.

After completion of investigation, a charge sheet was filed by the CBI against the accused persons for criminal conspiracy, cheating, forging of documents and other charges under the Prevention of Corruption Act.

On completion of trial, the court today convicted the accused persons and sentenced the bank official to 5 years rigorous imprisonment, two years to one of the partners and three years to three others.