CBI court convicts five for bank fraud

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Chennai : A CBI special court on Friday convicted five persons and sentenced them to jail, including an official of Canara Bank, for five years in a bank cheating case, said the investigating agency.

In a statement issued here, the CBI said the court convicted S.R. Karunakaran, Senior Manager, Canara Bank, for five years. The court also sentenced A.B. Janakiraman, B.Ramesh, B.Suresh and S.Lakshmi.

The court imposed a total fine of Rs 80 lakh on the convicts.

The CBI said the accused Karunakaran abused his official position and permitted temporary overdraft from open cash credit (OCC) accounts without following any procedure.

Karunakaran also allowed diversion of OCC funds to the partners of a firm Hobby Screens, Chennai, and caused a loss to Canara Bank to the tune of Rs 2.11 crore, said the probe agency.