SBI Saroornagar former branch manager jailed for 5 years for defrauding bank

Hyderabad: The Special Judge for CBI Cases in Hyderabad has sentenced A Gadhadar, former branch manager of the Bank of India, Saroornagar branch in Hyderabad in a bank fraud case. The judge has ordered Gadhadar to undergo rigorous imprisonment for five years with a fine of Rs 60,000. Other private persons convicted in the case, Panditi Rajasekhar and Gaddigopula Satyananda Rao, have been ordered to undergo one-year rigorous imprisonment with a fine of Rs 10,000 each.

According to the case details, the Central Bureau of Investigation (CBI) had registered the case against the accused on the allegations that the accused entered into a conspiracy with the intention to cheat the Bank of India, Saroornagar Branch in Hyderabad. It was further alleged that A Gadhadar, then branch manager had fraudulently processed and sanctioned housing loan applications and disbursed the loan amounts. Subsequently, all the loan accounts became NPA. A loss to the tune of approximately Rs 73.80 lakhs was caused to the bank.

After an investigation, a chargesheet was filed against the accused. The trial court found the said accused guilty and convicted them.