Two former SBI officials get 3-year jail term for fraud

Two former officials of State Bank of India and as many others have been convicted by a Special CBI court in a cheating case and sentenced them to three years of imprisonment with fine of Rs 2.20 lakh.

"The Special Judge for CBI cases, Bangalore, has convicted K Manjunath, the then Branch Manager, and H S Ganapathy, the then Deputy Manager, both of State Bank of India, besides K N Balagangadhara Sharma and S K Shetty (both private persons) and sentenced them to undergo three years of imprisonment with fine Rs 2.20 lakh," a CBI spokesperson said in a statement.

CBI had filed a charge sheet after completion of probe against Manjunath and the three others for criminal conspiracy to cheating and other relevant provisions of Prevention of Corruption Act, it said.

"The allegations as per the charge sheet were that Manjunath had entered into criminal conspiracy with the other accused persons in the matter of cheque discounting facility extended to Easwari Marketing Services owned by Sharma," the statement said.

It said in furtherance of the said conspiracy during the period from July 4, 2003 to October 31, 2003, both the bank officers had purchased 183 cheques presented by Sharma as issued by the firm of Shetty and others.

"They exceeded their financial powers without any authorisation from the competent authority. The act of the accused persons had caused a wrongful loss of Rs 82.73 lakh (approx) to the State Bank of India and corresponding wrongful gain to the accused persons," the official said.