7 years jail for then branch manager of SBI for causing loss of Rs4.03 crore

New Delhi: A Central Bureau of Investigation (CBI) court from Hyderabad on Thursday sentenced then Branch Manager of State Bank of India in Telangana’s Ranga Reddy district to undergo seven years rigorous imprisonment with fine of Rs 2 lakh for causing loss of Rs 4.03 crore to the Bank.
Praveen Singh, then Branch Manager, State Bank of India, Research Centre Imarath Branch, Telangana was sentenced to seven years jail with fine of Rs 2 lakh by the court on the basis of evidence submitted by the CBI against the accused.
CBI had registered a case on April 26, 2010, against Singh on the allegations that accused entered into conspiracy with unknown persons to cheat SBI in the matter of pre-maturely cancelling Special Term Deposit Receipts (STDRs), embezzling the funds to his own accounts and also into the accounts opened in the fictitious names and misappropriated a sum of Rs 4.03 crore.
The SBI suffered a loss of Rs 4.03 crore. The CBI filed a charge-sheet on March 31, 2011, against the accuse dafter investigation.
The Trial Court found the accused guilty and convicted him.

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