CBI Court Sentences 7 Persons in Rs.4.9 Cr Bank Fraud Case
The CBI registered a case on September 29, 2004, against Chandrakanth and 16 others for cheating a bank of Rs.4.9 crore using false documents.
A special judge for the CBI court in Hyderabad convicted and sentenced T. Chandrakanth, the then Senior Manager of Corporation Bank's Banjara Hills Branch, to 2 years of rigorous imprisonment with a fine of Rs.20,000.
Six borrowers, including VNSC Bose, V. Rajansri, Konda Sekhar Reddy, NVP Nanda Kishore, and H. Raja Sekhar Reddy, were sentenced to 1 year of rigorous imprisonment with a fine of Rs.55,000.
The CBI case was registered for cheating the bank in sanctioning and disbursing housing loans aggregating to Rs.4.9 crore on the basis of false and fictitious documents.
Author's summary: Seven persons sentenced in Rs.4.9 Cr bank fraud case.
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