Hyderabad: The special judge for CBI cases in Hyderabad has sentenced three people to different jail terms for cheating the Central Bank of India to the tune of Rs 1.20 crore.
The court sentenced the then branch manager, Central Bank of India, Bolarum branch (Hyderabad), K Raja Rao, to two years of rigorous imprisonment (RI) with a fine of Rs 65,000 and two private persons.
D Sanjeeva Reddy and K Ramana Reddy were sentenced to one-year rigorous imprisonment (RI) with a fine of Rs 15,000 each in a case related to causing wrongful loss to the bank.
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The CBI had registered a case on July 30, 2004 against them. It was alleged that during the year 2002, the then-branch manager conspired with the accused proprietor (since expired) of a private firm to cheat the Central Bank of India.
They had availed housing loans to the tune of Rs 1.29 crore (approximately) in the names of 70 borrowers without proper identification or eligibility using false reports and forging the signatures of the borrowers. Thus, they obtained wrongful pecuniary gain and caused corresponding wrongful loss to the Central Bank of India.
After the completion of the investigation, a chargesheet was filed against the accused on March 31, 2006.
The court, after trial, found the accused guilty and sentenced both accordingly.
