A special CBI court in Hyderabad has awarded seven years rigorous imprisonment to four persons including a former Branch Manager, Bank of Maharashtra in connection with a bank loan fraud case of over Rs 44 lakh.
The court awarded seven years Rigorous Imprisonment with fine of Rs one lakh to C. Narayanaswamy, then Branch Manager, Bank of Maharashtra, Khairatabad Branch, Hyderabad.
Three private persons K. Sridhar, Managing Partner of Divine Galaxy, Hyderabad, K. Ananda Rao, Managing partner of Divine Galaxy, Hyderabad and Nanda Gopal, Proprietor of Sufi Impex Inc were also awarded seven years rigorous imprisonment with a fine of Rs 75,000 each.
The Court has also imposed a fine of Rs 1.50 lakh on Amar Data Systems Private Ltd, Bangalore for causing loss to the bank.
The CBI registered this case in 2002 against C. Narayanaswamy and others on the allegations that the accused entered into a conspiracy with private persons and sanctioned loans to the tune of Rs 60 lakh.
An amount of Rs 44,51,304 was disbursed against the sanctioned amount which was not recovered as the firm was not functioning at the given address.
Thus, the accused allowed the private persons to obtain illegal pecuniary advantage and loss to the bank.
After completing the investigation, a chargesheet was filed in 2003 against the accused. The trial was going on since then.
Now, the Trial Court found the said accused guilty and have convicted them.