11 including branch manager get jail term for cheating Central Bank of India
IANS 11 March 2022
A special CBI court in Hyderabad has sentenced 12 accused, including an ex-branch manager of Central Bank of India, to varying jail terms for causing loss to the bank.
 
The court, while awarding rigorous imprisonments to the accused, noted that all were hand in gloves and slapped a combined fine of Rs 11 lakh on them.
 
While the court awarded five years' rigorous imprisonment to K. Raja Rao, the then Branch Manager of Central Bank of India, Bollaram Branch, Secunderabad with a fine of Rs 2.25 lakh, the other private person Sridhar was sentenced to three years Rigorous Imprisonment with a fine of Rs 75,000.
 
The CBI had registered a case on September 30, 2004 against Rao, and others on the allegations that they entered into conspiracy to cheat the bank. This was the matter of fraudulent sanction and disbursement of housing loans during February - April 2002 to the tune of Rs 98,43,706, without verifying the authenticity and eligibility of the borrowers.
 
Due to this the bank suffered a loss of Rs 98 lakh.
 
The bank conducted and internal inquiry and found the accused guilty. The bank then filed an FIR with the CBI against them. The CBI formed a team to look into the matter as the matter was serious in nature.
 
After investigation, the CBI filed three chargesheets against the accused.
 
The Trial Court found the accused guilty and accordingly convicted them.
 
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Comments
saharaaj
4 months ago
DHFC celebrate parties even at the peak of coRona fring face harsh terms
ganguly51
4 months ago
Why CBI needed 20 years to investigate such simple and small cases? Chances are there of the accused living no longer at the time of verdict or pay the penalty. May we know the sequences on how the cases may be stretched so long, is it at the interest of lawyers/ Judges and all enforcement officials?
satyanarayanasegu456
4 months ago
It is happened at bollaram branch but board shows palakol branch .we request you to change branch board
Immediately
g.chitti66
4 months ago
Incident happened at bollaram branch,
Hyderabad. But Branch board shows palakol Branch.we request you to change the Branch board immediately
sureshchandu22
4 months ago
Incident happened at bollaram branch but branch board shows palakol branch.It creats lot of confusion.please take appropriate action to cllear confusion
satishvadamodalu74
4 months ago
It was happenedIt was happened at central bank bollaram branch but unfortunately Palakole Branch board displayed hence requesting to reporter please change branch board
purnasaiec286
4 months ago
It was happenedIt was happened at central bank bollaram branch but unfortunately Palakole Branch board displayed hence requesting to reporter please change branch board
achsah1025
4 months ago
It was happened at central bank bollaram branch but unfortunately Palakole Branch board displayed hence requesting to reporter please change branch board
madhutrueroots
4 months ago
Delay in judgement is the root cause for many wrong doing. I think India need to focus on timely judgment by increasing what ever it needed.
venkataramana
4 months ago
it took 19 y to punish cheaters when our country will change .it is million dollor question:(
ganesh.thinker
4 months ago
Close to 1 Crore was given as loan but the quantum of punishment is too little...
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