Jail term for Syndicate Bank officials in bank fraud case of Karnataka

H.M. Swamy was sentenced to three years imprisonment with fine of Rs 1.5 lakh, Vittal Das to one year imprisonment with fine of Rs. 50,000 and a private person Asadulla Khan to three years’ imprisonment with fine of Rs. 50 lakh.

Hyderabad: The special judge for CBI cases in Bengaluru sentenced the former branch manager of Syndicate Bank, Mandya Branch in Karnataka, H M Swamy and Kolegal Branch Manager VIttal Das and a private person Asadulla Khan to various jail terms and with a total fine of Rs 52 lakh in a bank fraud case of Rs 12.63 crore.

According to a CBI press release here on Saturday, H.M. Swamy was sentenced to three years imprisonment with fine of Rs 1.5 lakh, Vittal Das to one year imprisonment with fine of Rs. 50,000 and a private person Asadulla Khan to three years’ imprisonment with fine of Rs. 50 lakh.

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The CBI had registered the case in April 2009 following fraudulent transactions in the sanction and disbursal of loans under the “Synd. Jai Kisan Loan and other credit facilities”. It was also alleged that accused grossly misused their authority and conspired among themselves causing substantial financial loss to Syndicate Bank.