The Hindu : Karnataka / Bangalore News : Former bank official gets two years' RI

Online edition of India's National Newspaper
Sunday, Dec 03, 2006
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Karnataka

Karnataka - Bangalore

Former bank official gets two years' RI

Staff Reporter

Bangalore: The court of XXI Additional City Civil Sessions and Special Judge for CBI Cases on Saturday convicted Chittaranjan Shetty, former senior branch manager, Vijaya Bank, Vani Vilas Road branch, of the offence of criminal misconduct and sentenced him to undergo rigorous imprisonment for two years and pay a fine of Rs. 15,000.

A criminal case was registered by the Central Bureau of Investigation, Anti-Corruption Branch, against Chittaranjan Shetty and Ramesh Hegde, proprietor, Hegde Constructions, Sriram Building Kalsanka, Udupi. It was alleged that Shetty had sanctioned various credit limits to the tune of Rs. 1.25 crore to Hegde for the purpose of construction of parallel taxi track and Apron-1 at HAL airport, which was awarded by National Building Construction Corporation Ltd. It was also alleged that he had permitted Hedge to withdraw huge amounts by way of demand drafts in his name and his father-in-law's name without verifying the progress of work and thereby allowed Hegde to divert and siphon off the loan proceeds for purposes other than construction.

The contract of Hegde Constructions was terminated by M/s National Building Construction Corporation Ltd.

The case was investigated and the charge sheet filed on April 30, 2002, against Shetty and Hegde before the Court of XXI Additional City Civil Sessions and Special Judge for CBI Cases.

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