Visakhaptanam: Five-year jail for banker for fraud
Convicts were sent to Visakhaptanam central prison
By : DC Correspondent
Update: 2015-10-31 06:23 GMT
Visakhapatnam: The principal special judge for CBI cases, Visakhapatnam, P.V. Jyothirmai on Friday convicted a former manager of Bank of Baroda and 14 others to five year imprisonment and imposed a fine of Rs 8.9 lakh for committing fraud to the tune of Rs 80.34 lakh.
According to a press release by superintendent of police, CBI-Visakha-patnam, R. Gopala Krishna Rao, the accused M. Syamala Rao, manager of Yeditha branch in East Godavari district, connived with 14 borrowers and fraudulently sanctioned 10 term loans, each for Rs 9.5 lakh, during 2005-2007 under the Rural Employment Guarantee Programme (REGP) by the Khadi and Village Industries Commission (KVIC) of Central government on the basis of fake and forged documents.
All the accused gained themselves by causing loss to the tune of Rs 80.34 lakh to Bank of Baroda, the judgment said. The convicts were sent to Visakhaptanam central prison.