Hyderabad: Two year jail for former manager of Central Bank of India in housing loan scam

A Bureau press release said on Thursday that a case was registered against the three persons that they had colluded in 2002 with another person (since expired) of a private firm to cheat Central Bank of India.

Hyderabad: The Special Judge for CBI cases sentenced a former manger of Central Bank of India,  Bolaram branch, K. Raja Rao to two years rigorous imprisonment with fine of Rs 65,000 and two private persons D. Sanjeeva Reddy and K. Ramana Reddy for one year jail term with a fine of Rs. 15,000 each in a case related to causing wrongful loss to the Bank.

A Bureau press release said on Thursday that a case was registered against the three persons that they had colluded in 2002 with another person (since expired) of a private firm to cheat Central Bank of India. The trio sanctioned / availed housing loans to the tune of Rs. 1.29 crore (approx) in the names of 70 borrowers without proper identification, eligibility using false reports and forging the signatures of the borrowers. The CBI had filed the chargesheet in 2006.

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