Hyderabad: The Third Additional Special Judge for the Central Bureau of Investigation, Hyderabad, convicted a former State Bank of India chief manager and five others for their involvement in a fraud. They issued guarantees based on fake documents.
A case was registered against Ch. Laxminayarana, the then chief manager of SBI, Padmaraonagar and private persons Vijay Kumar Naidu, Kishore Naidu, Ashok Kumar and B. Sudesh Kumar, in 2003, that Laxminarayana had conspired with them and issued seven bank guarantees worth Rs 94 lakh.
The firms failed to repay the amounts resulting in invocation of the bank guarantee and ultimately causing loss to the bank. After completing the investigation, CBI filed a charge sheet on March 30, 2005.
Following the trial on Monday, the court sentenced Laxminarayana, Vijay Kumar, Kishore and Sudesh to undergo three years of rigorous imprisonment and pay a fine of Rs 1.75 lakh each. Default in payment of fine will increase their imprisonment by six months. Ashok was sentenced to one year of simple imprisonment and fined Rs 45,000 and in default, he shall undergo three months imprisonment.
The court further sentenced Laxminarayana to three years rigorous imprisonment and pay an additional Rs 1 lakh as penalty.
The CBI said the total fine amount comes to Rs 8.45 lakh. All the sentences shall run concurrently while the period of remand in judicial custody, during pre-trial and trial stage, if any, shall be set off.”...