Five Years Imprisonment with Fine of Rs. Four Lakh to A Private Person in Bank Fraud Case
(Judicial Quest News Network)
The Designated Court at Bangalore has sentenced Shri Shyam M. Ganglani (private person) to undergo five years simple imprisonment with fine of Rs. 4,00,000/- in a Bank Fraud case.
CBI had registered a case on 31.07.2002 against the then Chief Manager, Basavanagudi Branch, Canara Bank, Bangalore and others on a complaint from Canara Bank. It was alleged that Shri Shyam M. Ganglani along with other accused persons cheated Canara Bank, Basavanagudi Branch, Bangalore in the matter of closing FCNR deposits by creating forged applications and thereby caused loss to the extent of Rs.1.34 crore (approx.) to the Bank.
After investigation, CBI filed a charge sheet on 30.06.2003 against four accused including then Chief Manager, Canara Bank & private persons etc.
The Trial Court convicted the said accused and acquitted two other accused. The case against then Chief Manager, Canara Bank was abated as he expired.
