CBI Court Convicts Two Private Individuals to 3 Years Rigorous Imprisonment in Multi-Crore Bank Fraud Case
(Judicial Quest News Network)
In a significant ruling, the Hon’ble XXI Additional Chief Metropolitan Magistrate, Hyderabad, sentenced two private individuals, K. Siva Rama Krishna and N. Mohan Reddy, to 3 years’ Rigorous Imprisonment (RI) each, along with a fine of Rs. 30,000, for their involvement in a major bank fraud case.
The case dates back to August 1, 2013, when the Central Bureau of Investigation (CBI) registered the case following a complaint from IDBI Bank Ltd.’s Specialised Corporate Branch in Hyderabad. The investigation revealed that the accused, including K. Siva Rama Krishna, the then Proprietor of M/s. Siva Constructions, and N. Mohan Reddy, the then Empanelled Valuer for the Bank, colluded with a Chartered Accountant to submit false and inflated valuation reports and network certificates. This fraudulent conspiracy resulted in the illegal disbursement of credit facilities, causing the bank a substantial financial loss of Rs. 10.19 crore.
After an extensive investigation, CBI filed a chargesheet on June 5, 2014, leading to the conviction of the accused. The Court found the defendants guilty of their crimes and imposed the sentences as per the law.
