The Special Judge for CBI cases, Hyderabad, on Friday convicted two officials of the Indian Overseas Bank (IOB) and seven others of a fraud conspired and committed in 2003.
The then Chief Manager of IOB at Hyderabad main branch Souman Chakraborthy along with his senior manager Sankaraman Padmanabhan and several others had sanctioned 13 housing loans based on fake IT returns, lapsed LIC policies and fake title deeds as collateral security.
The CBI registered the case on November 11, 2005.
According to a release from the CBI, the two officials also 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 between October, 2003 and January, 2004.
Allegations were also that the bank officials had sanctioned and released the said loans through middlemen and thereby the bank sustained a loss of ₹221.33 lakh.
The term loan was ₹48.83 lakh for purchase of machinery and cash credit limit of ₹20 lakh to Sneha Creations Pvt. Limited on false property documents, lapsed and forged surrender value certificates of LIC policies as collateral security, and forged proforma invoices and receipts of Master Equipments. The bank suffered a loss of ₹68.83 lakh, it said.
Finding all the accused guilty, the court sentenced Chakraborty and Padmanabhan to five years’ rigorous imprisonment and a fine of ₹1 lakh each.
Others – T. Satya Venkata Diwakar and Juluri Lakshmaiah were sentenced to five years’ rigorous imprisonment and a fine of ₹75, 000 each, and Syed Musthaq Ahmed, Borra Chandrapal, Thota Ravinder, Mosalganti Gopala Rao and Basavanna Ravindra were sentenced to three years’ rigorous imprisonment and a fine of ₹75, 000 each.
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