Hyderabad: Seven persons including three bank officials get 3 years RI in fraud case

Hyderabad: The Special Judge for CBI cases here has sentenced seven persons including the then Punjab National Bank (PNB) Chief Manager B Sathya Rao and former Senior Manager Machavaram Venkata Krishna Rao to undergo three years rigorous imprisonment (RI) in bank fraud case. In a press release, the CBI said five others, who were sentenced […]

Hyderabad: The Special Judge for CBI cases here has sentenced seven persons including the then Punjab National Bank (PNB) Chief Manager B Sathya Rao and former Senior Manager Machavaram Venkata Krishna Rao to undergo three years rigorous imprisonment (RI) in bank fraud case.

In a press release, the CBI said five others, who were sentenced to three years RI, were the proprietor of Spectrum Mercantiles Veli Srinivas, PNB Panel Valuer M. Abdul Mannan and three private persons – Veli Vanaja, M. Reddy Koti Reddy and P Manoj Kumar.

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The court has also imposed a fine on them. The CBI had registered a case on May 24, 2010 against Sathya Rao, who was the Chief Manager of PNB at RP Road in Secunderabad and others on the allegations that the accused had obtained cash credit facility in connivance with the bank officials using forged title deeds as genuine pertaining to immovable properties, audited balance sheets and financial documents.

A loss of Rs. 2.06 crore was caused to the bank. After investigation, a charge-sheet was filed in the court on December 14, 2012 against the accused.

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