Hyderabad: Former AGM of SBI, wife sentenced to jail term for cheating bank
Hyderabad: The Special Judge for CBI cases, Hyderabad sentenced a former assistant general manager of State Bank of India and his wife to a jail term and imposed a fine on them for cheating a company and misappropriating funds in 2012. According to a CBI release, GVJ Mohan Kumar, the then Assistant General Manager, State […]
Hyderabad: The Special Judge for CBI cases, Hyderabad sentenced a former assistant general manager of State Bank of India and his wife to a jail term and imposed a fine on them for cheating a company and misappropriating funds in 2012.
According to a CBI release, GVJ Mohan Kumar, the then Assistant General Manager, State Bank of India, Hyderabad was sentenced to undergo five years rigorous imprisonment (RI) with fine of Rs.1.25 lakh and his wife Bindu Vani to undergo three years of RI with a fine of Rs.75,000.
The CBI had registered a case on March 30, 2015 against Mohan Kumar and others on allegations that they fraudulently obtained two cheques from KMV Projects – one for Rs.20 lakh in October, 2012 and the another for Rs 10 lakh in December 2013 on the pretext of “Loan Syndicate Fee” and “Consortium Processing Fee”.
“He used the said Rs. 30 lakh for his personal benefits. He invested in SBI mutual funds in his wife’s name instead of crediting the same to the bank, thereby misappropriating Rs.30 lakh. The accused violated the guidelines and caused financial loss of Rs.30 lakh (plus interest) to the bank,” the release said.
After investigation, a charge-sheet was filed in November 2015.
