Wed, 13 Jul 2011 18:19:52 GMT

Former UCO Bank official convicted in fraud case



New Delhi, Jul 12 (PTI) A special CBI court has convicted a former UCO bank official and seven others in the fake loan racket, an official spokesperson said here today.

The agency has charged R Shivakumar, the then Branch Manager of UCO bank, Davangere Branch (Karnataka), and eight others under relevant sections of cheating, criminal conspiracy and forgery of the Indian Penal Code among others.
They were also charged under provisions of the Prevention of Corruption Act. The case against one accused abated as he died during the trial, the spokesperson said.

"The Special Judge for CBI cases has convicted R Shivakumar, the then Manager, UCO Bank, Davangere Branch (Karnataka) and seven others for causing loss of Rs 85.20 lakhs to the UCO Bank. All the accused persons were sentenced to undergo simple imprisonment for one year with a fine of Rs 1,65,000," Dharini Mishra, CBI spokesperson, said here.

The CBI had said in its charge sheet that Shivakumar had entered into a criminal conspiracy during the year 2003-2004 with the other accused in sanctioning and disbursal of various loans without observing the banking norms, she said.

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