All the accused persons were sentenced to undergo Simple Imprisonment for one year with a fine of Rs.1,65,000/-.
The CBI had filed a charge sheet after completion of investigation against R.Shivakumar, the then Manager, UCO Bank, Davangere Branch (Karnataka) and 8 others U/s 120-B r/w 420, 468, 471, 411A IPC and Section 13(2) r/w 13(1)(c) & (d) of the Prevention of Corruption Act, 1988. The allegations as per the charge sheet were that R.Shivakumar had entered into a criminal conspiracy during the year 2003-2004 with the other accused persons in the matter of sanction and disbursal of various loans without observing the banking norms. A loss of Rs.85.20 lakh was caused to UCO Bank.
The Trial Court found the Manager and seven other accused guilty of offence and convicted them. Case against one accused abated as he died during trial.