Kozhikode:
CBI Special Court here has convicted and sentenced manager of Bank of India, Kozhikode and another person to undergo simple imprisonment for 3 years each and a
fine of Rs 2 lakh for cheating the bank by unauthorisedly transferring about Rs 5.56 crore to another account.
V Bhagavath, manager of the Bank of India's Mavoor Road branch at Kozhikode is the first accused in the case, while S Suresh Kumar, is the third accused.
The two have been convicted for the offences punishable under section 120 B (cheating), 420 and various other sections of the IPC.
K Jayagopal, second accused and his wife Sheela Jayagopal, the fourth accused are absconding, following which the case was split up.
The prosecution case is that Bhagavath Krishnan while working as branch manager in Mavoor entered into a conspiracy with the second and third accused by which about Rs 5.56 crore was transferred from the SB account of DPEP to an unauthorisedly opened saving bank account and BOI Star account in the name of DEPE at Mavoor road branch.
Out of the said amount, an amount of Rs 3 crore was kept in the BOI Star account which would give 8.5 per cent more interest than the normal interest given in Savings Bank account.
Excess interest thus accrued Rs 13,36,593 were diverted by issuing different
DDs, which were encashed through fictitiously opened account at Dhanalakshmi bank, Attukal branch by the second accused and through another fictitiously opened account, kept at SBT Manarkkad. All the amount so diverted were shared by the accused.