In a significant ruling, a special CBI court in Bengaluru handed down a five-year rigorous imprisonment sentence to a former senior manager of Syndicate Bank and four others on charges of defrauding the bank of Rs 62.3 lakh. The convicts, identified as G Satya Babu, the bank’s former senior manager, along with Bharati S, Nalinakshi, S Ramesh, and Prince Neshan, were also ordered to pay a combined fine of Rs 62.3 lakh in connection to the bank fraud case.
The case, which was initiated by the Central Bureau of Investigation (CBI) on February 29, 2016, followed a complaint from the Regional Office of Syndicate Bank in Bengaluru. The complaint accused G Satya Babu, who served as the senior manager at the bank’s Jalahalli Branch at the time, and others of conspiring to inflict financial losses on the bank.
The investigation into the matter concluded with the filing of two charge sheets against the accused, leading to the recent sentences. The probe uncovered that Satyababu, along with the other convicts, engaged in a criminal conspiracy with borrowers. They sanctioned various loans under the Micro, Small, and Medium Enterprises (MSME) scheme based on fraudulent quotations, thereby defrauding the bank of substantial sums.
