Hyderabad: Four including Narayanaswamy sentenced to 7 years rigorous imprisonment

The court has also imposed a fine of Rs 1.50 lakh on M/s Amar Data Systems Private Ltd., Bangalore for causing loss to the bank.

Hyderabad: The Additional Special Judge for CBI Cases, Hyderabad, has sentenced C Narayanaswamy, then Branch Manager, Bank of Maharashtra, Khairatabad Branch, Hyderabad to undergo seven years Rigorous Imprisonment with fine of Rs 1,00,000, and K Sridhar and K Ananda Rao, Managing Partner of M/s Divine Galaxy, Hyderabad and Nanda Gopal, Proprietor of Sufi Impex Inc. Chennai, to undergo seven years Rigorous Imprisonment with fine of Rs 75,000 each.

The court has also imposed a fine of Rs 1.50 lakh on M/s Amar Data Systems Private Ltd., Bangalore for causing loss to the bank.

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The CBI had registered a case in March 2002 against C Narayanaswamy, then Manager, Bank of Maharashtra, Khairatabad branch, and others on the allegations that the accused entered into a conspiracy with private persons and sanctioned loans to the tune of Rs 60 lakh.

An amount of Rs 44,51,304 was disbursed against the sanctioned amount Rs 60 lakh, which was not recovered as the firm was not functioning at the given address. Thus, the accused allowed the private persons to obtain illegal pecuniary advantage and loss to the bank.

After investigation, a chargesheet was filed against the accused and the Trial Court found the accused guilty and convicted them.