Hyderabad: The Special Judge for CBI cases in Hyderabad has sentenced three including K. Raja Rao, then Branch Manager, Central Bank of India (CBI), Bollarum Branch in Hyderabad to two years Rigorous Imprisonment (RI) with fine of Rs 65,000.
It also sentenced two private persons D. Sanjeeva Reddy and K. Ramana Reddy to one year RI 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. The CBI had registered an instant case on July 30, 2004 against accused including Raja Rao, Sanjeeva Reddy and A. Ramana Reddy. It was alleged that during the year 2002 the then Branch Manager conspired with the accused proprietor, a private firm, to cheat Central Bank of India.
In pursuance of the criminal conspiracy, accused sanctioned and availed housing loans to the tune of Rs. 1.29 crore in the names of 70 borrowers without proper identification, eligibility using false reports and forging signatures of the borrowers.
Thus, they obtained wrongful pecuniary gain and caused corresponding wrongful loss to the Central Bank of India. After completion of investigation, a charge sheet was filed against the accused on March 31, 2006.
The court, after trial, found the accused guilty and sentenced both accordingly.
