Visakhapatnam: Special Judge CBI Cases, Visakhapatnam, has sentenced M. Sudhakar Rao, managing partner of Master Steel Tubes, Vizag, to undergo five years of imprisonment and pay a fine of Rs 6,000. According to details, CBI had registered a case on April 28, 2000, against the then chief manager of Union Bank of India and others, including Sudhakar Rao, that they conspired to cheat the Small Scale Industries Finance Branch of Union Bank of India, Visakhapatnam.
In pursuance of the conspiracy, the accused chief manager sanctioned cash credit of Rs 52.50 lakh, inland letter of credit of Rs 39 lakh and term loan of Rs 2 lakh for a car on inflated collateral, additional collateral securities, forged lorry receipts and invoices. This had caused a loss of Rs 60.49 lakh to the bank. After investigation, CBI filed a charge sheet on May 5, 2002, against the accused. During the trial, two accused, including the then chief manager, died. The trial court convicted Sudhakar Rao and sentenced him to five-year imprisonment and fine. The court acquitted two of the accused.
