Hyderabad CBI Court jails ex-bank manager, six others in Rs. 4.9 Cr fraud

Hyderabad: The CBI Special Court in Hyderabad on Saturday convicted seven individuals, including a former senior bank official, in a bank fraud case involving Rs. 4.9 crore.

Former bank manager gets two years’ rigorous imprisonment

T. Chandrakanth, the then Senior Manager of Corporation Bank, Banjara Hills Branch, Hyderabad, has been sentenced to two years of rigorous imprisonment along with a fine of Rs. 20,000 for his role in the fraud.

Six borrowers also held guilty

Six private borrowers – VNSC Bose, V. Rajansri, Konda Sekhar Reddy, NVP Nanda Kishore, and H. Raja Sekhar Reddy – were convicted and sentenced to one year of rigorous imprisonment. The court also imposed a total fine of Rs. 55,000 on them.

CBI investigation reveals fake documents

The Central Bureau of Investigation had registered the case on September 29, 2004 against Chandrakanth and 16 others for cheating Corporation Bank. The accused had allegedly sanctioned and disbursed housing loans totaling Rs. 4.9 crore using false and fictitious documents.

Chargesheet filed in 2007; Trial concludes with conviction

Following a detailed investigation, the CBI filed a chargesheet on March 30, 2007 against Chandrakanth and 11 others. After years of legal proceedings, seven accused were convicted by the Special Court.