Hyderabad: SBI employee nabbed after 19 years, jailed for Rs 50 L bank fraud
Between 1996 and 2000, the accused allegedly entered into a criminal conspiracy to secure and release “Big Buy Loans” by submitting false and fabricated documents
By - Newsmeter Network
Hyderabad: After nearly two decades on the run, a special CBI court in Hyderabad has convicted and sentenced V. Chalapathi Rao, a former computer operator with the State Bank of India’s Chandulal Baradari Branch, to two years of rigorous imprisonment (RI).
The court also imposed a fine of Rs 36,000 on Rao in a Rs 50 lakh bank fraud case dating back to the late 1990s.
Fraudulent loans using fake documents
According to the Central Bureau of Investigation (CBI), the case was registered on May 1, 2002, against Chalapathi Rao and three others, P.P. Krishna Rao, then Branch Manager of SBI, and two private individuals, Viraja (wife of Chalapathi Rao) and Kaleem Pasha.
Between 1996 and 2000, the accused allegedly entered into a criminal conspiracy to secure and release “Big Buy Loans” by submitting false and fabricated documents. The fraudulent loans caused wrongful pecuniary gains amounting to around Rs 50 lakh.
Case split after accused went missing
After a detailed investigation, the CBI filed three charge sheets on December 31, 2004. However, Chalapathi Rao went absconding in 2005, prompting the agency to split up the cases related to him under separate charge numbers, CC Nos. 08/2006 and 09/2006. The trials of the other accused persons were completed earlier, resulting in their respective convictions.
Nabbed in Tamil Nadu after 19 years
The CBI intensified efforts to trace Rao, who had been evading arrest for nearly 19 years. Acting on credible inputs, officials traced him to Tirunelveli in Tamil Nadu and apprehended him on August 4, 2024, while he was allegedly attempting to leave the country under a false identity.
Speedy trial leads to conviction
After his arrest, the CBI court conducted a speedy trial, during which the prosecution presented documentary and witness evidence establishing Rao’s role in the fraudulent loan sanctioning process.
The court found him guilty of criminal conspiracy, cheating, forgery, and misuse of official position under relevant provisions of the Indian Penal Code and the Prevention of Corruption Act.
CBI welcomes verdict
Meanwhile, the CBI officials welcomed the judgment, stating that the conviction highlights the agency’s continued pursuit of absconding offenders and reaffirmed its commitment to bringing long-pending corruption cases to a close, regardless of the time elapsed.
