Public sector, Punjab National Bank's senior branch manager has been found guilty of cheating the bank along with a businessman. The CBI has filed a charge-sheet against both the people.

The charge-sheet filed by the CBI mentions: "There is prima facie sufficient material, in the form of oral and documentary evidence, is available to show that accused K K Sinha (bank manager) conspired with Dr Chandra Shekhar and cheated the bank to the tune of Rs 5.70 crore."

Sinha belong to Danapur in Bihar and Shekhar is a business from Vasant Kunj, New Delhi. The CBI has asked for their hearing under various provisions of the IPC and the Prevention of Corruption Act.

The CBI informed that Sinha was working as manager of a PNB branch at Bara Hindu Rao area and he plot a plan with Shekhar by allowing him to open various accounts in the name of two fake firms - M/s Medical Equipment Consultants and and M/s Hindustan Biotech Corporation. The accused branch manager also allowed opening bank accounts that permitted over draft facilities. The AGM of PNB, K L Jagga informed that these accounts were a loss for the bank.

The bank also received cheques issued to Shekhar by some other banks and in cashed them without even realizing their worth. "The branch manager also allowed advance payment to the firms against the unrealised cheques, which were purchased by the bank," stated the chargesheet.

Earlier there was a case that was filed against the accused on February 20th, 2008. The CBI told that there were two accounts opened by Shekhar with PNB on August 23rd, 2006 and since then around Rs 5.72 crore has been withdrawn through these accounts.

Recently another employee of PNB has been found guilty for cheating around Rs 1crore from the bank customers and fraudulently transferring the money into his wife's account. The employee has been sentenced to 3 years of jail.