K. Bhaskar Rao, Ex-Manager Union Bank of India wife
K Sailaja arrested in Rs.4 crore fraud
K. Bhaskar Rao, Ex-Manager Union Bank of India and his wife
K Sailaja have been arrested in Rs.4 crore fraud
The Special Judge for CBI Cases in Chennai (Tamil Nadu) has sentenced K. Bhaskar Rao, to five years rigorous imprisonment with a penalty of Rs.10.76 lakh, and his wife
K. Sailaja to three years rigorous imprisonment with penalty of Rs.37,000.
Reportedly, Bhaskar Rao, while working as Manager, Union Bank of India, Sowcarpet Branch, Chennai, amidst the financial year 2007-09, and also overseeing the Advances Department of the branch, he cheated the bank and syphoned bank money.
For his personal gain, the accused employed various methods and modified entries in the bank’s Core Banking System (CBS) by utilising his own User ID and the User IDs of other bank personnel.
The accused further was engaged in unauthorised operations, such as reactivating the Dormant SB Accounts by generating false loans against deposits and investing the money in shares in his name and in the name of his wife,
K Sailaja.
Thus the bank suffered a loss of Rs.4,10,81,000. While the bank recovered Rs.3,12,32,000, an amount of Rs.98,49,000 remained due.
Following an investigation, the CBI filed a chargesheet against the accused and both the accused were found guilty and convicted by the Trial Court.
News Edit K.V.Raman
