CBI Court Sentences 7 persons in Rs.4.9 Cr Bank Fraud Case in Hyderabad
The CBI registered the case on September 29, 2004 against Chandrakanth and 16 others for cheating the bank to the tune of Rs.4.9 crore on the basis of false and fictitious documents
Hyderabad: The special judge for CBI court in Hyderabad has convicted and sentenced T. Chandrakanth, the then Senior Manager, Corporation Bank of Banjara Hills Branch to two years of rigorous imprisonment (RI) with a fine of Rs. 20,000 and half a dozen borrowers to one year RI with a fine of Rs.55,000 in Rs.4.9 crore bank fraud case.
The six borrowers include VNSC Bose, V. Rajansri, Konda Sekhar Reddy, NVP Nanda Kishore and H. Raja Sekhar Reddy, according to a statement issued by CBI. The CBI registered the instant case on September 29, 2004 against Chandrakanth and 16 others for cheating the bank in the matter of sanctioning and disbursing housing loans aggregating to the tune of Rs.4.9 crore on the basis of false and fictitious documents.
After investigation, the CBI filed a chargesheet on March 30, 2007 against Chandrakanth and 11 others. After the trial, the court convicted seven accused persons and sentenced them accordingly.
