PSU bank manager sentenced to five years RI in graft case

A special CBI court here today sentenced a bank manager to five years rigorous imprisonment for conspiracy to cheat the PSU lender and under the provisions of the Prevention Corruption Act.
Additional special judge for CBI cases, K Venkatasami, sentenced V Vijayaraghavan, who was working as a manager of Canara Bank during 2001-02 here, to five-year RI.
Another co-accused PA David, a businessman, was also sentenced to five year RI, a CBI release said here.
Other accused in the case-- Jaina Thomas, WV Rajendra Prasad, R Govindarajalu and R Laxmipathy-- were sentenced to undergo three years rigorous imprisonment each.
The court also imposed a total fine of Rs 67 lakh on them.

During trial, another accused, then senior manager of the bank, P Mariappan, passed away and charges against him abated and two others were acquitted.

According to prosecution, during 2001-2002, the two accused bank officers allegedly entered into a criminal conspiracy with five individuals running business here and other places to cheat the bank.
In pursuance of the conspiracy, the two officers by abusing their official position, sanctioned secured over draft limit of Rs 25 lakh and open cash credit limit of Rs 20 lakh to two firms associated with the five individuals based on the security of forged title deeds.

Vijayaraghavan had also obtained an illegal gratification of Rs.25,000 from David and Jaina Thomas for sanctioning 'SOD' and 'OCC' limit by violating bank rules and caused a wrongful loss of Rs.69.55 lakh to the bank and wrongful gain to the accused persons.