Man convicted of bank fraud gets 5 yrs imprisonment

Team Udayavani, Apr 8, 2021, 10:16 AM IST

Bengaluru: A CBI Special Court here sentenced a private individual to five years simple imprisonment with a fine of Rs four lakh in a bank fraud case.

According to the CBI officials, they registered a case on July 31, 2002, against the then chief manager of the Basavanagudi branch of Canara Bank here and others on a complaint from the bank.

Shyam M Ganglani, the private individual, along with other accused, had allegedly cheated the bank in the matter of closing Foreign Currency Non-Resident (FCNR) deposits by creating forged applications and caused loss to the extent of about Rs 1.34 crore to the bank.

After investigation, the CBI filed a charge sheet on June 30, 2003 against four accused, including the then chief manager of Canara Bank Basavanagudi branch, and private individuals, including Ganglani.

The case against the then Chief Manager was abated as he expired, the CBI said.