Y. Kiran Babu, the former manager of the State Bank of India (SBI) branch in Alangudi, Pudukkottai district, Tamil Nadu, was sentenced to four years of harsh jail and a fine of INR 3.7 lakh by a special CBI court in Madurai. The decision was rendered in a well-known bank fraud case involving the embezzlement of around INR 4.95 crore from SBI’s internal books.
The Central Bureau of Investigation (CBI) first filed the complaint on December 31, 2018 & On September 24, 2019, the CBI issued a charge sheet against Kiran Babu after concluding the investigation ,in response to claims that Kiran Babu had embezzled money while serving as branch manager. The CBI claims that Kiran Babu moved money into his wife’s bank accounts at many times from the Branch General Ledger (BGL) account, In order to avoid detection, the fraudulent transfers, which started in December 2016, were meticulously cloaked in smaller transactions. which was intended for internal accounting purposes.
Kiran Babu convicted and sentenced after the court found him guilty of fraud and conspiracy after a comprehensive trial. The verdict strengthens the penalties for financial malfeasance and places an emphasis on accountability within the banking industry.
