Ex-branch manager of Vijaya Bank, others, sentenced to 3 years jail for loan fraud

Hyderabad Desk

Hyderabad: The CBI Court, Hyderabad, convicted and sentenced V. P. Padmanabh, the then Branch Manager of Vijaya Bank, Nampally, to three years’ rigorous imprisonment with a fine of Rs. 65,000 in a bank fraud case.

The CBI had registered a case on 20 April 2006 against the accused V. P. Padmanabh and others on the allegations that the accused while functioning as manager abused his official position as public servant and in conspiracy with other private persons sanctioned and disbursed five housing loans totaling to Rs. 39.75 lakh without verifying the genuineness of the sale agreement, sale deeds, guarantors and income proofs submitted by the borrowers.

Subsequently, the accused withdrew and misappropriated the loan proceeds, and illegally benefited and causing wrongful loss to the tune of Rs. 39.75 lakh to the bank.

The chargesheet was filed against the accused persons including V. P. Padmanabh on 28 December 2006.

After trial, the court held the accused guilty and sentenced him accordingly.

The CBI cited 165 documents/ evidences which stood the test of trial resulting in conviction of the accused.

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