Vizag CBI Court sentences Andhra Bank manager and seven others for fraud
By Newsmeter Network Published on 27 Dec 2019 4:43 PM GMT
Visakhapatnam: A CBI Court in Visakhapatnam has sentenced a former Andhra Bank manager and seven borrowers to two years of rigorous imprisonment for causing loss to the bank. The court also slapped a fine of Rs 96,000 on the eighth accused.
The convicted banker is Mr Kasukurthi Jalaramaiah, who was the former Branch Manager of Andhra Bank in Ravinuthala in Andhra Pradesh between 2007 and 2008. In a conspiracy with a Cash Officer and 11 borrowers, the ex-manager fraudulently sanctioned and disbursed 123 crop loans. The total amounted to Rs 10,200,659 (approx.) in favour of 114 non-existing persons and nine private individuals.
During the trial, the accused confessed to the use of fake and fabricated supporting documents to avail the loan. Due to the crime, the bank incurred a loss equalling the total loan amount and the interest accrued thereon.
Meanwhile, two borrowers and the Andhra Bank Cash Officer died during the 10-year-long investigation. The seven other borrowers are Sheik Subhani, Nidanapu Anjaiah, Sri Ravi Chiranjeevi, Anubrolu Sumitra, Lella Subba Reddy, Marriboina Ramachandra Rao, and Sri Oruganti Basavaiah.
