Designated court sentences three accused including then branch manager of Central Bank Of India and two private persons to rigorous imprisonment of 1 to 2 years for causing wrongful loss to the bank
FinTech BizNews Service
Mumbai, August 24, 2024: The Special Judge for CBI cases at Hyderabad has sentenced three including Shri. K. Raja Rao, then Branch Manager, Central Bank of India, Bollarum Branch (Hyderabad) to 2 years Rigorous Imprisonment (RI) with fine of Rs 65,000/- and private persons Shri. D. Sanjeeva Reddy & Shri K. Ramana Reddy were sentenced to one year’s Rigorous Imprisonment (RI) of with fine of Rs. 15,000/- each in a case related to causing wrongful loss to the Bank. Total fine imposed comes to Rs 95,000, as per the press release issued by the CBI.
CBI had registered instant case on 30.07.2004 against accused including the aforementioned accused Sh. K. Raja Rao, then Branch Manager, Central Bank of India, Bollarum Branch (HYD), Shri D. Sanjeeva Reddy and A. Ramana Reddy (Private Persons). It was alleged that during the year 2002 accused then Branch Manager conspired with accused Proprietor (since expired) of a private firm to cheat Central Bank of India. In pursuance of the said criminal conspiracy, accused 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. Thus, they obtained wrongful pecuniary gain and caused corresponding wrongful loss to Central Bank of India.
After completion of investigation, chargesheet was filed against the accused on 31.03.2006.
The Court, after trial, found the accused guilty and sentenced both accordingly.
