Hyderabad : CBI convicts corrupt bank officials

Hyderabad : The Additional Principle Special judge for CBI Cases- Hyderabad convicted a senior divisional manager, branch manager and administrative officer of Oriental Insurance Company – Hyderabad for serious irregularities in the settlement of claims pertaining to motor damage, fire, marine and engineering.

The special court has convicted the bank’s senior manager Suresh Damodar-, Vinay Kumar Chengalpattu(A-2), branch manager and administrative officer Shiva Kumar Yeramalla(A-3) , all for a period of 3 years

Besides the three bank officials, four surveyor Venkata Krishna Srinivasa Raju, Sridhar Reddy Aredla, Gopagoni Kailasam and Srinivas Chitrapragada, involved in the case has been sentenced 2 years of conviction. The case against Gopagoni Kailasam (A-7), another surveyor has been abated following his demise, said the order.

Based on a complaint filed by the Oriental insurance company, the CBI initiated investigation. During the course, it was found that Suresh Damodar, senior divisional manager and 17others entered into a criminal conspiracy and caused a loss of Rs. 57.07 lakhs to Oriental Insurance Company Ltd. The CBI booked a case under section .120-B, 419, 420, 468, 471 and 511 IPC and 13(2) r/w 13(1) (d) of PC Act, 1988.

Others who are convicted by the CBI court for a period of 2 years are A.Srinivasa Reddy, G.Prasad Raju, Ravi Kumar Raju Gadiraju, G.Padmaja Rani , V.Srinivasa Raju,Satyanarayana Raju. All the sentences shall run concurrently, said the judgement.