Officers swindle bank of Rs 1 crore
Two Canara Bank officers in complicity with the same number of Food Corporation of India (FCI) junior employees and a small-time hotel owner- all based in Bangalore- allegedly siphoned off Rs 1.17 crore loan amount from the Bank after supplying it with ‘95 fake salary slips’.
The CBI which investigated the case dating back to 2000-2001 has filed a charge sheet against the five accused under different sections of the Prevention of Corruption Act, 1988. Requesting anonymity, sources in the Bank said that internal inquiry had meted out punishment to the officials and they “have been downgraded”. When pressed further for elaboration, they claimed “it could be a case of gross lapses and inadequate verification and not of fraud.” The accused officials are still on the payrolls of the bank, sources said.
CBI officials told Deccan Herald that the main actors in “the conspiracy” include Canara Bank Branch Manager N Shivanna and another officer Shivananjaiah in Advance Department, both working in Corporate Consumer Finance Branch., Infantry Road, Bangalore.
The three other accused- a hotel owner B T Satya Narayanan and two junior officials of FCI K Vasudevan Namboodari, Assistant grade-II and N Eshwar, ancillary labour- entered into a conspiracy with Canara Bank officials in 2000-01 and allegedly submitted loan applications to the Bank in the name of FCI employees. The FCI office and the small time hotel, now closed, were located in close proximity to each other.
‘Forged’
The salary slips of 95 FCI employees submitted along with the applications to the Infantry Road located Canara Bank, were either “forged” or “inflated”, according to the CBI.
“The applications were processed by the two officers of Bank and 95 loans total amounting to Rs.117.79 lakhs (approx) were sanctioned in the name of 95 employees of M/s Food Corporation of India during 2000-02”, CBI said which filed charge sheet against the five in the Sessions court .
Interestingly, these borrowers were daily paid service labourers and not the regular employees of the FCI who were also not entitled for loan under the specific ‘Can Budget Loan Scheme’. More so, the borrowers were not on the pay rolls of FCI and the Assistant Grade-II officer not authorized to issue the salary certificates or salary mandates in the name of individual borrowers.
The FCI officer Namboodari, had issued fake salary slips “by claiming to be Asst Manager (Labour Cell), FCI, Bangalore, with the help of other conspirators,” according to the CBI.
The Canara bank officials, allegedly a part of the conspiracy, had sanctioned the loan “without causing verification in to the bonafides of the borrowers and the documents submitted by them,” causing the bank a loss of Rs.1.17crore in these transactions.
Source: Deccan Herald
The CBI which investigated the case dating back to 2000-2001 has filed a charge sheet against the five accused under different sections of the Prevention of Corruption Act, 1988. Requesting anonymity, sources in the Bank said that internal inquiry had meted out punishment to the officials and they “have been downgraded”. When pressed further for elaboration, they claimed “it could be a case of gross lapses and inadequate verification and not of fraud.” The accused officials are still on the payrolls of the bank, sources said.
CBI officials told Deccan Herald that the main actors in “the conspiracy” include Canara Bank Branch Manager N Shivanna and another officer Shivananjaiah in Advance Department, both working in Corporate Consumer Finance Branch., Infantry Road, Bangalore.
The three other accused- a hotel owner B T Satya Narayanan and two junior officials of FCI K Vasudevan Namboodari, Assistant grade-II and N Eshwar, ancillary labour- entered into a conspiracy with Canara Bank officials in 2000-01 and allegedly submitted loan applications to the Bank in the name of FCI employees. The FCI office and the small time hotel, now closed, were located in close proximity to each other.
‘Forged’
The salary slips of 95 FCI employees submitted along with the applications to the Infantry Road located Canara Bank, were either “forged” or “inflated”, according to the CBI.
“The applications were processed by the two officers of Bank and 95 loans total amounting to Rs.117.79 lakhs (approx) were sanctioned in the name of 95 employees of M/s Food Corporation of India during 2000-02”, CBI said which filed charge sheet against the five in the Sessions court .
Interestingly, these borrowers were daily paid service labourers and not the regular employees of the FCI who were also not entitled for loan under the specific ‘Can Budget Loan Scheme’. More so, the borrowers were not on the pay rolls of FCI and the Assistant Grade-II officer not authorized to issue the salary certificates or salary mandates in the name of individual borrowers.
The FCI officer Namboodari, had issued fake salary slips “by claiming to be Asst Manager (Labour Cell), FCI, Bangalore, with the help of other conspirators,” according to the CBI.
The Canara bank officials, allegedly a part of the conspiracy, had sanctioned the loan “without causing verification in to the bonafides of the borrowers and the documents submitted by them,” causing the bank a loss of Rs.1.17crore in these transactions.
Source: Deccan Herald
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