Nearly 19 years after the Central Bureau of Investigation registered a case based on an alleged bank fraud complaint, a designated court in Bengaluru sentenced a man to five years of imprisonment on Wednesday.
According to CBI officials, the court pronounced the convicted, identified as Shyam M Ganglani, to five years of simple imprisonment and a fine of Rs 4 lakh in a bank fraud case registered on July 31, 2002.
CBI officials explained that the case was filed against the then Chief Manager of Canara Bank’s Basavanagudi branch in the city based on a complaint from the bank authorities. “Ganglani along with other accused persons, including the Chief Manager who was the prime accused in the case, cheated in the matter of closing FCNR (Foreign Currency Non-Resident) account deposits by creating forged applications, causing a loss to the extent of Rs 1.34 crore approximately,” CBI sources explained.
Further, the CBI mentioned in a statement that a charge sheet was filed on June 30, 2003 naming four people as accused including Ganglani and three others including the then Chief Manager.
“However, the trial court then convicted the then Chief Manager of Basavangudi Branch and Ganglani while two others were acquitted. The case against the then Chief Manager was later abated as he expired,” the statement read.