Hyderabad: A special court for CBI cases in Hyderabad has convicted and sentenced V. P. Padmanabh, the then Branch Manager, Vijaya Bank, Nampally, to three years’ Rigorous Imprisonment (RI) with a fine of Rs.65,000 in a bank fraud case.
CBI had registered the instant case on April 20, 2006 against Padmanabh and others on the allegations that he while functioning as Manager, Vijaya Bank, PG Road in Nampally, abused his official position as public servant and in conspiracy with the private persons sanctioned and disbursed five housing loans totaling to Rs. 39.75 lakh without verifying the genuineness of the sale agreement, sale deeds, guarantors and income proofs submitted by the borrowers.
Subsequently, the accused withdrew and misappropriated the loan proceeds, thereby obtaining wrongful benefit and causing corresponding wrongful loss to the tune of Rs. 39.75 lakh to the bank.
A charge-sheet was filed against the accused including Padmanabh on December 28, 2006. It was revealed during the investigation that accused in conspiracy with private persons sanctioned and disbursed said five housing loans without verifying the genuineness of various documents which resulted into wrongful loss to the bank and corresponding wrongful gain to the accused.
After trial, the court held the accused guilty and sentenced him accordingly. The CBI cited 165 documents and evidences which stood the test of trial resulting in conviction of the accused.
