new Delhi. A special CBI court in Hyderabad has sentenced 11 accused, including a former branch manager of the Central Bank of India, to separate jail terms for causing damage to the bank. The court, while sentenced the accused to rigorous imprisonment, observed that all were in handcuffs and imposed a combined fine of Rs 11 lakh on them.
The court ordered the then branch manager of Central Bank of India, Bolaram branch, Secunderabad, K. Raja Rao was sentenced to five years rigorous imprisonment with a fine of Rs 2.25 lakh, while Sridhar, another private person, was sentenced to three years rigorous imprisonment and a fine of Rs 75,000.
The CBI had registered a case on 30 September 2004 against Rao and others on the allegation that they had hatched a conspiracy to defraud the bank. The case pertained to fraudulent sanction and disbursement of housing loans of Rs 98,43,706 during February-April 2002 without verifying the authenticity and eligibility of the borrowers.
This caused a loss of Rs 98 lakh to the bank.
The bank conducted an internal inquiry and found the accused guilty. After this the bank filed an FIR against him in the CBI. Due to the seriousness of the matter, the CBI had constituted a team to investigate the matter.
After investigation, CBI filed three charge sheets against the accused.
The trial court found the accused guilty and convicted them accordingly.
—AnyTV News
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