Vishakapatnam CBI court sentences factory owner to five years jail term

The Special Judge for CBI Cases in Visakhapatnam has sentenced M. Sudhakar Rao, Managing Partner of Master Steel Tubes in Visakhapatnam to undergo five years rigorous imprisonment with fine of Rs.6,000.

Hyderabad: The Special Judge for CBI Cases in Visakhapatnam has sentenced M Sudhakar Rao, Managing Partner of Master Steel Tubes in Visakhapatnam to undergo five years rigorous imprisonment with fine of Rs.6,000.

The CBI had registered a case in April 2000 against then Chief Manager, union Bank of India & others including Sudhakar Rao on charges that the accused persons conspired to cheat union Bank of India, Small Scale Industries Finance Branch, Visakhapatnam.

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The bank offier sanctioned a cash credit of Rs.52.50 lakh, Inland Letter of Credit of Rs. 39 lakh and a term loan of Rs. 2 lakh, on the inflated collateral and additional collateral securities, forged lorry receipts and invoices. A loss of Rs.60,49,227 was caused to the bank.

After investigation, a chargesheet was filed in May 2002 but during trial, two accused including the then bank Chief Manager died and case against them was abated. The Trial Court found the said accused guilty and convicted him. Two accused were acquitted by the Court, a bureau press release said here on Thursday.