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New Delhi, Oct 25 (IANS) A special CBI court in Hyderabad has convicted and sentenced seven people, including a former senior bank manager, in a Rs 4.9 crore bank fraud case involving the Banjara Hills branch of Corporation Bank. CBI gave this information on Saturday.
The court sentenced T. Chandrakant, the then senior manager of Corporation Bank, to two years of rigorous imprisonment (RI) and imposed a fine of Rs 20,000.
Six private borrowers – VNSC Bose, V. Rajanshree, Konda Shekhar Reddy, NVP Nand Kishore and H. Raja Shekhar Reddy – were sentenced to one year rigorous imprisonment each, along with a total fine of Rs 55,000.
The Central Bureau of Investigation (CBI) had on September 29, 2004 registered a case against Chandrakant and 16 others on charges of defrauding Corporation Bank by fraudulently sanctioning and disbursing housing loans worth Rs 4.9 crore on the basis of false and forged documents.
After extensive investigation, the CBI filed a charge sheet against Chandrakant and 11 others on 30 March 2007.
The investigation revealed that the accused conspired to defraud the bank by manipulating loan documents in violation of banking procedures and abusing their official positions to secure the loan.
After a lengthy trial, the special judge for CBI cases in Hyderabad pronounced the verdict on October 24, 2025, convicting seven accused and sentencing them to jail.
The court’s decision marks the culmination of a legal battle lasting more than two decades.
Earlier, on October 18, the special judge of the CBI court in Ghaziabad convicted Manoj Srivastava, branch manager of Union Bank of India, SSI branch, Noida, and sentenced him to four years’ imprisonment and a fine of Rs. Rs 30,000 in bank fraud case.
According to the CBI, it had registered the instant case against the accused and others on charges of fraud on December 14, 2010.
The accused, who was posted at Union Bank of India, Noida branch from 2007 to 2009, misused his official position as a public servant and caused wrongful loss to the bank.
–IANS
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