Hyderabad: Former bank manager jailed in fraud case

After trial, the court held Padmanabh guilty and sentenced him accordingly. The CBI cited 165 documents which stood the test of trial resulting in conviction.

Hyderabad: The special court for Central Bureau of Investigation (CBI) has convicted and sentenced V.P.Padmanabh, the former Branch Manager, Vijaya Bank, Nampally, Hyderabad to three years’ rigorous imprisonment with a fine of Rs. 65,000, in a bank fraud case here on Tuesday.

In 2006, the CBI registered a case against Padmanabh and others on the allegations that Padmanabh while functioning as Manager, Vijaya Bank, PG Road Nampally, abused his official position as public servant and in conspiracy with the private persons sanctioned and disbursed five home loans totaling to Rs. 39.75 lakh without verifying the genuineness of the sale agreement, sale deeds, guarantors and income proofs submitted by the borrowers.

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A chargesheet was filed against the suspects including Padmanabh. It was revealed during the investigation that he in conspiracy with private persons sanctioned and disbursed housing loans without verifying the genuineness of various documents which resulted into wrongful loss to the bank and corresponding wrongful gain to the suspects.

After trial, the court held Padmanabh guilty and sentenced him accordingly. The CBI cited 165 documents which stood the test of trial resulting in conviction.