A former manager of Union Bank of India, K. Bhaskar Rao, has been convicted and sentenced to five years of rigorous imprisonment by a special court.
The case, registered by the Central Bureau of Investigation (CBI) in 2009, also led to a three-year imprisonment for his wife, K. Sailaja.
The CBI initiated the case on July 31, 2009, alleging that Bhaskar Rao, while managing the Sowcarpet branch of Union Bank of India from 2007 to 2009 and overseeing the advances department, misappropriated funds through fraudulent activities.
Using his User ID and those of other officers, he manipulated entries in the Core Banking System (CBS) for personal gain. Unauthorized transactions, such as reactivating dormant savings accounts by creating fictitious loans against deposits and investing in shares under his and his wife’s names, were conducted.
The fraudulent activities caused a loss of ₹4.10 crore to the bank. While ₹3.12 crore was recovered, ₹98 lakh remained outstanding. In 2010, after an investigation, the CBI filed a charge sheet against the couple.
The special court for CBI cases subsequently found them guilty and pronounced the convictions. In addition to the imprisonment, Bhaskar Rao was fined ₹10.76 lakh, and his wife received a penalty of ₹37,000.
The legal proceedings highlight the financial misconduct and the resulting legal consequences for the former bank manager and his spouse.
