Three men convicted, imprisoned in Rs 2.6-crore bank fraud case

Bengaluru: A special court for cases registered by Central Bureau of Investigation (CBI) sentenced three men, including two bank managers, to imprisonment with a total fine of Rs 52 lakh, after finding them guilty in a Rs 12.6-crore bank fraud case reported in 2009.
The convicts are HM Swamy, then manager of Syndicate Bank, Mandya branch, Vittal Das, then manager of Syndicate Bank, Kollegal branch, and a private individual named Asadulla Khan.
According to a CBI press note, Swamy has been sentenced to three years in prison with a fine of Rs 1.5 lakh, Das to one year's imprisonment with Rs 50,000 fine, and Khan to three years in prison with Rs 50 lakh fine.
"Based on a written complaint from the chief vigilance officer, Syndicate Bank, CBI registered the case on April 15, 2009 against the accused persons, charging them with indulging in fraudulent transactions in the sanction and disbursal of loans. It was also alleged that the accused grossly misused their authority and conspired among themselves, causing substantial financial loss to the bank," the press note stated.