<div>A special CBI court has convicted three former employees of Vijaya Bank and seven others in a bank fraud case. The court convicted H Dinakar Shetty, the then senior manager at HAL 3rd Stage branch, K Ratnakar Shetty, the then assistant manager at Vijayanagar branch and P N Shivamurthy, the then assistant manager at HAL 3rd Stage branch for criminal misconduct. <br /><br />The special court judge Ashwatha Narayana sentenced the three former bankers to five years’ rigorous imprisonment and slapped a fine of Rs 5 lakh each for criminal misconduct. The court sentenced seven private persons to five years rigorous imprisonment and slapped a fine of Rs 10 lakh each for criminal conspiracy, cheating and forgery. <br /><br />The private persons convicted are, K A Subramanya, who was the chairman of SCT Builders and Developers, his brothers K A Badarinarayana and K A Ashwathanarayana, B S Kanakalakshmi, wife of Ashwathanarayana, Nagaraj, an associate of Subramanya, M V Sheshadri, who was the principal of SCT Institute of Technology and Lakshmi Venkatesh Prasad, a lecturer at the institution.<br /><br />The Home Department had entrusted the case to CBI in 2009 based on a complaint by chief manager of Vijaya Bank's HAL 3rd Stage branch. The CBI filed the chargesheet in April 2010. The prosecution’s case was that the accused entered into a criminal conspiracy during 2003-04 to cheat the bank by opening 21 SB accounts in the names of employees of SCT Institute of Technology. Later, housing loans in the names of these employees were raised by preparing false documents to purchase flats constructed by K A Subramanya. <br /><br />The convicted bank officials had sanctioned these loans and disbursed the amounts in favour of Subramanya without verifying the documents. Subsequently, Subramanya sold the same flats to third parties without informing the bank. This had caused a loss of Rs 1.81 crore and corresponding interest to the bank.<br /><br /></div>
<div>A special CBI court has convicted three former employees of Vijaya Bank and seven others in a bank fraud case. The court convicted H Dinakar Shetty, the then senior manager at HAL 3rd Stage branch, K Ratnakar Shetty, the then assistant manager at Vijayanagar branch and P N Shivamurthy, the then assistant manager at HAL 3rd Stage branch for criminal misconduct. <br /><br />The special court judge Ashwatha Narayana sentenced the three former bankers to five years’ rigorous imprisonment and slapped a fine of Rs 5 lakh each for criminal misconduct. The court sentenced seven private persons to five years rigorous imprisonment and slapped a fine of Rs 10 lakh each for criminal conspiracy, cheating and forgery. <br /><br />The private persons convicted are, K A Subramanya, who was the chairman of SCT Builders and Developers, his brothers K A Badarinarayana and K A Ashwathanarayana, B S Kanakalakshmi, wife of Ashwathanarayana, Nagaraj, an associate of Subramanya, M V Sheshadri, who was the principal of SCT Institute of Technology and Lakshmi Venkatesh Prasad, a lecturer at the institution.<br /><br />The Home Department had entrusted the case to CBI in 2009 based on a complaint by chief manager of Vijaya Bank's HAL 3rd Stage branch. The CBI filed the chargesheet in April 2010. The prosecution’s case was that the accused entered into a criminal conspiracy during 2003-04 to cheat the bank by opening 21 SB accounts in the names of employees of SCT Institute of Technology. Later, housing loans in the names of these employees were raised by preparing false documents to purchase flats constructed by K A Subramanya. <br /><br />The convicted bank officials had sanctioned these loans and disbursed the amounts in favour of Subramanya without verifying the documents. Subsequently, Subramanya sold the same flats to third parties without informing the bank. This had caused a loss of Rs 1.81 crore and corresponding interest to the bank.<br /><br /></div>
