SBH former Chief manager gets jail for duping bank Rs 6.05 Cr

By Newsmeter Network  Published on  31 Jan 2020 2:35 PM GMT
SBH former Chief manager gets jail  for duping bank Rs 6.05 Cr

Hyderabad : The III Additional special judge for Central Bureau of Investigation cases has convicted former Chief Manager of State Bank of Hyderabad, K. Murali and three others in a 9-year-old fraud cause. The accused duped the bank to the tune of Rs 6.05 Crore

The court sentenced K. Murali to undergo rigorous imprisonment for a period of two years and slapped a fine Rs 10,000. While accused Ravindra, Konduru Dhanjay Reddy and Sangavarapu Vamsi Krishna who colluded with the Ex-chief manager have sentenced 2 years imprisonment and Rs 30,000 fine imposed.

The fraud case against the four was registered in 2011. Investigation revealed that then chief manager of SBH K. Murali colluded with Ravindra, Dhanjay Reddy and Vamsi Krishna and entered into a criminal conspiracy. He (referring to Murali ) accepted fake property documents as genuine collateral securities and sanctioned a loan of Rs 2.00 crore cash credit facilities. Besides this, the former manager issued Rs 3.79 crore as an agricultural term loan in 2005 in a separate case.

Following this, the account became non-performing assets and State bank of Hyderabad suffered a loss to the tune of Rs 6.05 Crore.

The CBI officials following robust investigation booked the accused under 120 -B, 420 (cheating ), 471 (Using as genuine a forged) of Indian Penal code and section 13(2) r/w 13 (1) (d) of Prevention of Corruption Act.

Next Story
Share it