Hyderabad: CBI Court sentences two persons to 3 years Rigorous Imprisonment with Rs. 30K fine in a bank fraud case

After completion of investigation, chargesheet was filed by CBI in June 2014 against accused including those convicted and sentenced by the Court

Hyderabad: The XXI Additional Chief Metropolitan Magistrate, Hyderabad has sentenced two accused persons – K Siva Rama Krishna and N Mohan Reddy – to three years’ Rigorous Imprisonment (RI) with total fine of Rs.30,000 in a bank fraud case.

The CBI had registered the instant case in August 2013 based on a complaint of IDBI Bank Ltd., Specialised Corporate Branch, Hyderabad against accused including the convicted accused on the allegations that accused firm Siva Constructions, represented by its then proprietor, K Siva Rama Krishna, then empaneled valuer of the bank, then Chartered Accountant, entered a criminal conspiracy with corrupt and illegal means and availed credit facilities to cheat IDBI Bank Ltd. by submitting inflated valuation report and false network certificates.

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The accused, thereby, caused wrongful loss to the bank to the tune of Rs.10.19 crore, a press release issued by the CBI said.

After completion of investigation, chargesheet was filed by CBI in June 2014 against accused including those convicted and sentenced by the Court. The Court, after trial, found accused guilty and sentenced them accordingly.