Hyderabad: The additional chief metropolitan magistrate, Hyderabad, sentenced two individuals to three years’ rigorous imprisonment (RI) with a total fine of Rs 30,000 in a bank fraud case.
The Central Bureau of Investigation (CBI) found K Siva Rama Krishna and N Mohan Reddy guilty of criminal conspiracy.
The IDBI Bank Ltd, a specialised corporate branch in Hyderabad registered a complaint on August 1, 2023, against Krishna and Reddy’s firm named Siva Constructions for illegally availing facilities to the bank by submitting inflated valuation reports and false network certificates.
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The fraud caused the bank a loss to the tune of Rs10.19 crore.
After completing the investigation, the CBI filed a chargesheet on June 5, 2014, against the accused, including those later convicted and sentenced by the court.
Following the trial, the court found them guilty and imposed the appropriate sentences.
