Three To Five Years Rigorous Imprisonment to Twelve Accused Including Then Branch Manager of Central Bank of India For Causing Loss To Bank With A Combined Fine Of Rs. 11 Lakh

(Judicial Quest News Network)

The Special Judge for CBI cases, Hyderabad has sentenced 12 accused to Rigorous Imprisonment-ranging up to five years and a combined fine of Rs. 11 lakh in a bank fraud case.

The details of those sentenced include; Sh K. Raja Rao, the then Branch Manager, Central Bank of India, Bollaram Branch, Secunderabad to undergo five years Rigorous Imprisonment with fine of Rs. 2.25 lakh and other private persons i.e., Sh. Sridhar to undergo three years Rigorous Imprisonment with fine of Rs. 75,000/-; Smt. K. Rani to undergo three years Rigorous Imprisonment with fine of Rs. 75,000/-; Sh. Vislawat Kumar to undergo three years Rigorous Imprisonment with fine of Rs. 75,000/-; Sh. V. Susheel Sudhakar to undergo three years Rigorous Imprisonment with fine of Rs. 75,000/-; Sh. H. Raja Shekar Reddy to undergo three years Rigorous Imprisonment with fine of Rs. 75,000/-; Sh. N. Rambabu to undergo three years Rigorous Imprisonment with fine of Rs.75,000/-; Sh. Venkatappayya to undergo three years Rigorous Imprisonment with fine of Rs.75,000/-; Sh. D. Anil Kumar to undergo three years Rigorous Imprisonment with fine of Rs.75,000/-; Sh. D. M. K. Naidu to undergo three Rigorous Imprisonment with fine of Rs.1,25,000/-; Sh. B. Rama Krishna Prasad to undergo three years Rigorous Imprisonment with fine of Rs. 50,000/-; & Sh. V. Yadagiri to undergo three years Rigorous Imprisonment with fine of Rs.1,00,000/-.

          CBI had registered a case on 30.09.2004 against Sh. K. Raja Rao, formerly Branch Manager, Central Bank of India, Bollaram branch, Secunderabad and others on the allegations that the Branch Manager entered into conspiracy with other individual borrowers (private persons) in the matter of fraudulent sanction and disbursement of housing loans during February – April 2002 to the tune of Rs. 98,43,706/- (approx) without verifying the authenticity & eligibility of the borrowers. An alleged loss to the tune of Rs. 98,43,706/- (approx) was caused to bank.
          After investigation, CBI filed 3 charge sheets on 25.07.2006 against the accused.
          The Trial Court found the accused guilty and accordingly convicted them.