Karnataka   

Convicted

Bangalore: Two persons were convicted by Sudhakar Pandit, Special Judge for Central Bureau of Investigation cases, in a bank fraud case on Saturday. Vardharaj Pai, former Chief Manager, Corporation Bank, Cantonment Branch, was sentenced to 10 years rigourous imprisonment and imposed a fine of Rs. 2.5 lakh, while K. Sridhar was sentenced to seven years RI and fined Rs. 1.25 lakh.

Pai while working as chief manager in 1998-2000, sanctioned loans to group companies of K. Vijay, on security of foreign currency non-resident deposits of NRIs without the knowledge and consent of the NRI deposit holders.It led to a loss of Rs. 10.25 crore to the bank. — Staff Reporter

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