Hyderabad CBI court convicts twelve accused in 2004 housing loans fraud case
India Today
Three-five years of RI and a combined fine of Rs 11 lakh were awarded to 12 accused, including then branch manager of Central Bank of India, for causing loss to the bank.
A special judge for CBI cases, Hyderabad, has sentenced 12 accused to rigorous imprisonment (RI) ranging up to five years and a combined fine of Rs 11 lakh in a bank fraud case.
Those sentenced to rigorous imprisonment include K Raja Rao, the then Branch Manager, Central Bank of India, Secunderabad. He will have to undergo five years of imprisonment and pay a fine of Rs 2.25 lakh.
Another person, Sridhar, was sentenced to three years of RI with a fine of Rs 75,000. A woman convict, K Rani, will undergo three years of RI with a fine of Rs 75,000.
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The Court also announced three years of RI with fines for other accused.
The CBI had registered a case on September 30, 2004, against former bank manager K Raja Rao and others on the allegations that he conspired with others and fraudulently sanctioned the disbursement of housing loans.
Around February-April in the year 2002, loans worth Rs 98,43,706 (approx) were disbursed without verification of the authenticity and eligibility of the borrowers.
