Visakhapatnam: The Second Additional Special Judge for CBI cases, Vizag, G. Satya Prabhakara Rao on Wednesday sentenced those responsible for cheat the State Bank of India (SBI) and availing three loans.
Pasarakonda Venkata Rama Subrahmanyam (A1), the then branch manager, SBI, Biccavolu branch in East Godavari district along with Sabbella Veera Venkata Satyanarayana Reddy and his wife Sabbella Ganga Lakshmi, owner of MR Soaps and Detergents, Polamuru, Anaparthi mandal were sentenced to two years of rigorous imprisonment each and a fine of Rs 6,000, Rs 8,000 and Rs 8,000 respectively.
The CBI officials said that Venkata Rama Subrahmanyam entered into a criminal conspiracy with the other two and Kosuru Manikyala Rao, proprietor of Leading Metal Syndicate, Rajahmundry, and Gavini Nageswara Rao, proprietor of Gayatri Packing Industries, Tenali, to cheat the bank and facilitate the sanction of three loans.
The bank manager, abusing his official position as a public servant, dishonestly and fraudulently sanctioned a Kisan Gold Card (KGC) loan of Rs 7.5 lakh to Satyanrayana Reddy.
He also processed and recommended for sanction a term loan of Rs 60 lakh beside cash credit of Rs 35 lakh to MR Soaps and Detergents, owner against invalid property documents without conducting proper inquiry and causing a total wrongful loss of Rs 9.8 lakh to the bank.
After series of trails in the case, the CBI Court on sentenced the culprits in the case.
