Two PNB officials, five others sentenced to jail for loan fraud

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A special CBI court in Hyderabad on Friday sentenced seven persons including the ex-Chief Manager and senior manager of Punjab National Bank, Secunderabad Branch, to varying jail terms after convicting them in a bank loan fraud case.

The court sentenced B Sathya Rao, the former Chief Manager, PNB, and its ex senior manager Machavaram Venkata Krishna Rao to three years rigorous imprisonment each and also slapped a fine of Rs 80,000 on them.

The other who were awarded jail terms were Veli Shrinivas, the owner of Specturm Mercantiles, Veli Vanaja, M. Abdul Manan, M. Reddy Koti Reddy, and Manoj Kumar.

The CBI had on May 24, 2010, registered a case against Sathya Rao and others on the allegations that the accused had obtained cash credit facility in connivance with the bank officials using forged and fabricated title deeds as genuine pertaining to immovable properties, audited balance sheets and financial documents.

Due to this the bank had suffered a loss of Rs 2.6 crore. The CBI, after lodging the FIR, formed a team to probe and filed a charge sheet on December 14, 2012.

The court noted that the CBI had proved its case beyond reasonable doubt and held all the accused guilty.

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