Hyderabad: CBI court convicts PNB manager in assets case
Case relates to 2011, official had acquired plots, flats etc.
Hyderabad: A branch manager of Punjab National Bank (PNB) was convicted for seven years by a Central Bureau of India (CBI) court in the city in a disproportionate assets case. The court also ordered him to pay a fine of Rs 25 lakh plus an amount of Rs 1.34 crore; in case of failure to deposit the amount, the court ordered the sale of his immovable properties.
A case of disproportionate assets was registered against Mr. Bora Satya Rao by the CBI in 2011. Mr. Rao worked as branch manager of PNB, R P Road Branch, Secunderabad. Based on the information that Mr. Rao had amassed assets disproportionate to the known sources of income to the tune of Rs 30.36 lakh, the CBI took up the investigation.
However, during the investigation, the CBI sleuths found that Mr. Satya Rao had amassed property valued at Rs 2. 21 crore. The property included plots, flats, eight house sites, bank balances and fixed deposits, agricultural land; he had also lent huge amounts of money to people.
After completion of the investigation, the CBI filed a charge-sheet on June 6, 2013 stating the accused was in possession of assets to the tune of Rs 1. 44 crore against known sources of Rs 6.53 lakh which was 189 percent higher than his known sources of income. During the trial, the CBI examined 44 witnesses and 305 documents were produced before the court.