NEW DELHI, Sept 6: A 60-year-old sacked official of a bank has been sent to ten years in jail and slapped a fine of Rs 50 lakh by a court here for misappropriating over Rs 40 lakh and diverting money for investing in shares.
Special CBI Judge Dinesh Kumar Sharma handed the jail term to Joginder Singh, who was posted as Manager (Loan) of Punjab & Sind Bank at Chandni Chowk Branch in 2001, after holding him guilty under various provisions of the Prevention of Corruption Act.
Singh had opened fictitious loan accounts and made false entries thus causing loss to the nationalised bank.
He was also convicted under the Indian Penal Code for criminal breach of trust and using forged document to cause wrongful loss to the bank for his profit.
“There is no doubt in the mind of this court, that such cases are to be dealt with a heavy hand and the punishment in such cases should be a lesson to the people who dare to indulge in such activities.
“Corruption in any form is deplorable, but what the convict has done in the present case is an extreme case. He was a senior officer of the bank and was entrusted with the duty of dealing with the public money,” the judge observed.
Singh’s counsel had said that the bank has dismissed him from the service.
The CBI had chargesheeted Singh in 2007 for allegedly conspiring with his wife Balwinder Kaur in opening some fictitious loan accounts in the bank. He made false entries with to cause wrongful loss to the bank.
It was claimed that Singh from the said fictitious accounts had transferred money to the accounts of M/s Maxim Invest Care and M/s Vivek Financial Focus Ltd for investing the amount in shares in the name of his wife Balwinder Kaur.
Singh also misappropriated Rs 44.20 lakh during the relevant period.
The court, however, acquitted Singh’s wife as CBI failed to produce any evidence against her.
The court, while sentencing Singh, also said that he has not only cheated his bank and account holders whose accounts were tampered, he has also dared to play with the public money only to fulfil his lust for more money and wealth.
“Singh by his acts has diminished the glory of banking system and has abused his official position. I consider that the facts in hand do not deserve any leniency,” the judge said.
The court also said that the convict was not a “naive”, he had already served the bank for 30 years after which he got a promotion and was posted as Manager (Loan) in the reputed Chandni Chowk branch here.
Singh had sought leniency on the ground of old age and several ailments. His counsel had said that the bank has also filed a civil suit against him in the high court in respect of the money allegedly misappropriated by him. (PTI)
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