News Karnataka
Thursday, December 01 2022
Bengaluru

Former AGM of Syndicate Bank gets jail for siphoning Rs 12 cr from bank

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Bengaluru: A Special Court for CBI cases has convicted a former AGM of Syndicate Bank and his brother for cheating and criminal breach of trust in a case of siphoning off Rs 12 crore from the Bank.

Former assistant general manager of Syndicate Bank, Yeshwanthpura Branch J Kannan has been sentenced to rigourous imprisonment for three years and ordered to pay a fine of Rs five lakh.

It is said that Kannan, who had joined Syndicate Bank sometime in 2009, along with his brother siphoned off Rs 12.22 crore from the bank through online transactions.

The modus operandi was that he used to debit huge amounts into the General Ledger HEad ADvance through drawee bills and credit the same into his personal SB Account in the bank.Later, he would re-transfer the amount to his other account held at Axis Bank’s Thallakulam branch in Tamil Nadu.

The CBI found that Kannan had access to the Yeshwantpur branch manager’s password for the online system and would carry out the transactions. The incident had come to light when certain firms with Current Accounts (CA) grew suspicious about sudden transaction through their accounts.

The case was argued by Special Public Prosecutor for CBI, B R Shivananda Perla. The 21st Special Judge for CBI cases  B K Naik on Wednesday pronounced punishment for the convicts.

The court convicted and sentenced Kannan for offences under Sections 120 (b), 420, 468, 409, 471 and 477 of IPC and Section 13 (1) (c), 13 (1) (d) of Prevention of Corruption Act.

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