SBI Bank Branch Manager Sentence to Jail For 4 Years : Know the Reason Behind it?

New Delhi -A special court in New Delhi has sentenced Y Kiran Babu former bank manager of state bank of india (SBI) In Alangudi four-year of jail and fine of 3.7 lakhs. The person has done a fraud of nearly INR 4.95 Crore from SBI Internal account.

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CBI has registered this case in December 2018. In this case, Kiran Babu has taken wrong advantage of his position to embezzle funds. Kiran Babu has transferred funds from SBI branch general ledger account.

The investigation also revealed that Kiran Babu has done many unauthorised transactions in connivance with others.The total amount stands nearly 4.94 crores by debiting funds from BGL account.The account is mainly used when internal transactions are done through the banks and does not impact customer account directly.

Action Taken Against him – After the destination, RBI has filed a charge sheet against Kiran Babu on 24, Sep 2019.After investigation in the court he was found guilty of doing fraud.And it has been decided that he will have to spend 4 years in jail and also pay a penalty of Rs 3.7 lakh.

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