The Special Court CBI cases, Hyderabad has sentenced A.Gadhadar, then Branch Manager, Bank of lndia, Saroornagar branch, Hyderabad to undergo rigorous imprisonment for five years with fine of Rs. 60,000 and private persons Panditi Rajasekhar & Gaddigopula Satyananda Rao, both to undergo one year rigorous imprisonment with fine of Rs. 10,000 each in a bank fraud case.
The CBI had registered the instant case against the accused on the allegations that the accused entered into a conspiracy with an intention to cheat the Bank of India, Saroornagar Branch, Hyderabad.
It was further alleged that A. Gadhadar, then Branch Manager had fraudulently processed & sanctioned the housing loan applications and disbursed the loan amounts.
Subsequently, all the loan accounts became NPA. A loss to the tune of Rs.73.80 lakh(approx) was caused to the bank.
After investigation, a chargesheet was filed against the accused. The Trial Court found the said accused guilty and convicted them.
