Hyderabad: Bank officials convicted in cheating cases by CBI court

Hyderabad: The Special Judge for CBI cases, Hyderabad has sentenced officials of Indian Overseas Bank, the main branch on Bank Street to undergo five years of rigorous imprisonment and imposed a fine of Rs. 1 lakh each.

Souman Chakraborty, then chief manager, and Sankaraman Padmanabhan, then senior manager, Indian Overseas Bank, Main Branch, Bank Street, Hyderabad, and private persons T Satya Venkata Diwakar and Juluri Lakshmaiah, both also punished, and asked to undergo five years RI with fine of Rs. 75,000 each.

Four other private persons, Syed Musthaq Ahmed, Borra Chandrapal, Thota Ravinder and Mosalganti Gopala Rao, and Basavanna Ravindra, are all to undergo three years of rigorous imprisonment with a fine of Rs. 75,000/- each.

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The CBI had registered a case on 21 November 2005 against Souman Chakraborthy and others on the allegations that Souman Chakraborthy, and Sankaraman Padmanabhan, had conspired with borrowers/others and sanctioned 13 housing loans on the basis of fake IT returns, lapsed LIC policies, and fake title deeds as collateral security.

They further sanctioned one term loan and one cash credit facility on the basis of bogus quotations of the suppliers and fake title deeds as collateral security during the period October 2003 to January 2004. It was further alleged that the bank officials had sanctioned and released the said loans through a middleman and thereby, the bank sustained a loss of Rs. 221.33 lakh.

After investigation, a charge sheet was filed on 31 May 2007. After the trial, the court pronounced the judgment and convicted the guilty persons.

In another case, the Additional Special Judge for CBI cases, Hyderabad, has sentenced Souman Chakraborty, then Chief Manager, and Sankaraman Padmanabhan, then Senior Manager, Indian Overseas Bank, Main Branch, Bank Street, Hyderabad both to undergo five years of rigorous Imprisonment with fine of Rs. One lakh each and private persons, Telepicharla Satya Venkata DiwakarBhagwan Snehalatha Singh, Bhagwan Chandrakant Singh, Juluri Lakshmaiah all to undergo five years RI with a fine of Rs. 75,000 each, and Vamaraju Nagaraju to undergo three years RI with fine of Rs. 75,000. A fine of Rs. 75,000 was imposed on M/s Sneha Creations Pvt. Ltd.

The case was registered on 22 June 2006 against the public servants and others on the allegations that during July 2003 Souman Chakraborthy and Sankaraman Padmanabhan entered into a conspiracy with private persons and sanctioned a term loan of Rs. 48.83 lakh for the purchase of machinery and cash credit limit of Rs. 20 lakh to M/s Sneha Creations Pvt. Ltd., Hyderabad on false property documents, lapsed/forged surrender value certificates of LIC policies as collateral security and false / forged proforma invoices and receipts of M/s Master Equipments. The bank was exposed to a loss of 68.83 lakh.

After investigation, a charge sheet was filed on 30 July 2007.