Ex-SBI manager who cheated bank of Rs. 4cr gets 7-yr jail term

A former SBI bank manager was sentenced to seven years in prison and fined Rs. 2 lakh for causing the bank a loss of Rs. 4.03 crore.

By Newsmeter Network  Published on  30 Dec 2021 2:08 PM GMT
Ex-SBI manager who cheated bank of Rs. 4cr gets 7-yr jail term

Hyderabad: A former SBI bank manager was sentenced to seven years in prison and fined Rs. 2 lakh for causing the bank a loss of Rs. 4.03 crore.

The additional judge, CBI cases, Hyderabad, sentenced Praveen Singh, the then branch manager of State Bank of India's Research Centre Imarath branch in Maheswaram mandal, Ranga Reddy district.

On 26 April 2010, CBI had registered a case against Praveen Singh on the allegations that he had entered into a conspiracy with unknown persons to cheat SBI by prematurely cancelling special term deposit receipts (STDRs), embezzling the funds to his own accounts and the accounts opened under fictitious names, and misappropriated a sum of Rs. 4,03,10,958. The CBI filed a charge-sheet on 31 March 2011 against the accused.

The trial court found Praveen guilty on Thursday and convicted him.

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