Former Union Bank Manager Sentenced to Jail for Fraudulent Activities
A former manager of Union Bank of India, K. Bhaskar Rao, has been sentenced to five years of rigorous imprisonment by a special court for misappropriating bank funds.
His wife, K. Sailaja, also received a three-year prison term in the case filed by the Central Bureau of Investigation (CBI) in 2009. The CBI alleged that while serving as a manager at the Sowcarpet branch of Union Bank of India between 2007 and 2009, Bhaskar Rao engaged in fraudulent activities, manipulating entries in the Core Banking System (CBS) using his User ID and those of other officers.
He conducted unauthorized transactions, reactivating dormant SB accounts through fictitious loans and investing the embezzled funds in various companies. The fraud resulted in a ₹4.10 crore loss to the bank, with ₹3.12 crore recovered. The court imposed a fine of ₹10.76 lakh on Bhaskar Rao and ₹37,000 on his wife. This conviction comes after a thorough investigation and the filing of a charge sheet by the CBI in 2010.
