Hyderabad News | CBI court sentences Central Bank Ex- manager to two-year RI in fraud case
The Special Judge for CBI cases at Hyderabad has sentenced former Branch Manager of Central Bank of India, Bollarum Branch here to two years Rigorous Imprisonment (RI) along with a fine of Rs 65,000 in a case related to causing wrongful loss to the bank.
Hyderabad: The Special Judge for CBI cases at Hyderabad has sentenced former Branch Manager of Central Bank of India, Bollarum Branch here to two years Rigorous Imprisonment (RI) along with a fine of Rs 65,000 in a case related to causing wrongful loss to the bank.
Along with the former Branch Manager K. Raja Rao, the Court also sentenced two private persons — D. Sanjeeva Reddy and K. Ramana Reddy to one year RI and slapped as fine of Rs. 15,000 each in the case, the CBI said in a release here on Thursday.
CBI had registered an instant case in July 2004 against the accused including the aforementioned accused K. Raja Rao, and two other private persons.
It was alleged that during the year 2002 then Branch Manager conspired with the accused Proprietor (since expired) of a private firm to cheat Central Bank of India.
In pursuance of the criminal conspiracy, the accused sanctioned/availed housing loans to the tune of around Rs. 1.29 crore in the names of 70 borrowers without proper identification, eligibility using false reports and forging the signatures of the borrowers. Thus, they obtained wrongful pecuniary gain and caused corresponding wrongful loss to the Central Bank of India.
After completion of investigation, a chargesheet was filed against the accused in March, 2006.
The Court, after trial, found the accused guilty and sentenced both accordingly.
