In the case of bank fraud, the then branch manager of Bank of India was sentenced to five years rigorous imprisonment

Kolkata : In the case of bank fraud, the then branch manager of Bank of India was sentenced to five years rigorous imprisonment and two private persons were sentenced to one year rigorous imprisonment.

Special Judge, CBI Cases, Hyderabad fined Rs. 60,000/- to Shri A.Gadhadar, then Branch Manager, Bank of India, Saroornagar Branch, Hyderabad, in a bank fraud case. Five years’ rigorous imprisonment with fine of Rs. 10,000/- each and private individuals namely Shri Panditi Rajasekhar and Shri Gaddigopula Satyananda Rao with fine of Rs. 10,000/- each. Sentenced to one year rigorous imprisonment with fine.

CBI registered the present case against the accused, alleging that the accused conspired with the intention of defrauding the Bank of India, Saroornagar Branch, Hyderabad. It is further alleged that Shri A.Gadhdar, the then Branch Manager, fraudulently processed and sanctioned the housing loan applications and disbursed the loan amounts. Subsequently, all loan accounts became non-performing assets (NPAs). Rs 73.80 lakh to the bank. There was a loss of (approximately).

After investigation, charge sheet was filed against the accused. The trial court found the said accused guilty and convicted them.

Resource: CBI