CBI court imprisons 12 Central Bank of India officers for fraud
Hyderabad: 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. According to a release issued by the Central Bureau of Investigation, the details of those sentenced include K. Raja Rao, the then Branch Manager, […]
Hyderabad: 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.
According to a release issued by the Central Bureau of Investigation, the details of those sentenced include K. Raja Rao, the then Branch Manager, Central Bank of India, Bollaram Branch, to undergo five years Rigorous Imprisonment with fine of Rs. 2.25 lakh.
The others sentenced include private persons – Sridhar to undergo three years Rigorous Imprisonment with fine of Rs. 75,000, K. Rani to undergo three years Rigorous Imprisonment with fine of Rs. 75,000, Vislawat Kumar to undergo three years Rigorous Imprisonment with fine of Rs. 75,000, V.Susheel Sudhakar to undergo three years Rigorous Imprisonment with fine of Rs. 75,000, H. Raja Shekar Reddy to undergo three years Rigorous Imprisonment with fine of Rs. 75,000, N. Rambabu to undergo three years Rigorous Imprisonment with fine of Rs.75,000, Venkatappayya to undergo three years Rigorous Imprisonment with fine of Rs.75,000, D. Anil Kumar to undergo three years Rigorous Imprisonment with fine of Rs.75,000, D.M.K. Naidu to undergo three Rigorous Imprisonment with fine of Rs.1,25,000, B.Rama Krishna Prasad to undergo three years Rigorous Imprisonment with fine of Rs. 50,000 and V. Yadagiri to undergo three years Rigorous Imprisonment with fine of Rs.1,00,000.
The CBI had registered a case on in 2004 against Raja Rao, formerly Branch Manager, Central Bank of India, Bollaram branch 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 without verifying the authenticity & eligibility of the borrowers. An alleged loss to the tune of Rs. 98,43,706 was caused to bank.
After investigation, CBI filed thee charge sheets on in July 2006 against the accused. The Trial Court found the accused guilty and accordingly convicted them.
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