The Special Judge for CBI cases, Hyderabad has sentenced Souman Chakraborty then Chief Manager, Sankaraman Padmanabhan then Senior Manager Indian Overseas Bank, Main Branch, Bank Street, Hyderabad both to undergo 05 years rigorous imprisonment with fine of Rs. 1 lakh each and private persons T. Satya Venkata Diwakar & Juluri Lakshmaiah both to undergo five years RI with fine of Rs. 75,000 each, Syed Musthaq Ahmed, Borra Chandrapal, Thota Ravinder, Mosalganti Gopala Rao & Basavanna Ravindra, all to undergo 03 years Rigorous imprisonment with fine of Rs. 75,000 each.
CBI had registered a case on 21.11.2005 against Souman Chakraborthy, Chief Manager, Indian Overseas Bank, Main branch, Hyderabad and others on the allegations that Souman Chakraborthy, Chief Manager & Sankaraman Padmanabhan, Senior Manager had conspired with borrowers/others and sanctioned 13 housing loans on the basis of fake IT returns, lapsed LIC polices & fake title deeds as collateral security.
They further sanctioned one term loan and one cash credit facility on the basis of bogus quotations of the suppliers and fake title deeds as collateral security during the period October, 2003 to January, 2004.
It was further alleged that the bank officials had sanctioned & released the said loans through middleman and thereby, the bank sustained a loss of Rs. 221.33 lakh.
After investigation, a charge sheet was filed on 31.05.2007.
In another case, the Additional Special Judge for CBI cases, Hyderabad, has sentenced Souman Chakraborty then Chief Manager & Sankaraman Padmanabhan then Senior Manager, Indian Overseas Bank, Main Branch, Bank Street, Hyderabad both to undergo five years Rigorous Imprisonment with fine of Rs. 1 lakh each and private persons, Telepicharla Satya Venkata Diwakar, Bhagwan Snehalatha Singh, Bhagwan Chandrakant Singh, Juluri Lakshmaiah all to undergo five years RI with fine of Rs. 75,000 each & Vamaraju Nagaraju to undergo 3 years RI with fine of Rs. 75,000.
A fine of Rs. 75,000/- was imposed on M/s Sneha Creations Pvt. Ltd.
The case was registered on 22.06.2006 against the public servants & others on the allegations that during July 2003 the public servants Souman Chakraborthy & Sankaraman Padmanabhan entered into a conspiracy with private persons and sanctioned Term loan of Rs. 48.83 lakh for purchase of machinery and cash credit limit of Rs. 20 lakh to M/s Sneha Creations Pvt. Ltd., Hyderabad on false property documents, lapsed/forged surrender value certificates of LIC policies as collateral security and false / forged proforma invoices & receipts of M/s Master Equipments.
The bank was exposed to loss of 68.83 lakh.
After investigation, chargesheet was filed on 30.11.2007.
The Trial Court found the said accused guilty and convicted them.
