HYDERABAD: The CBI court here on Wednesday convicted former Punjab National Bank manager Bora Satya Rao and sentenced him to undergo rigorous imprisonment for seven years for possessing illegal assets.
CBI officials registered a case on July 5, 2011 against Satya Rao, the then manager of Punjab National Bank’s RP Road Branch in Secunderabad, basing on information that he, while working in PNB during April 2005-January 2008 had amassed assets worth Rs 30.36 lakh which were disproportionate to the known sources of his income.
During investigation, the CBI unearthed a large number of movable assets in the form of bank balances/fixed deposits in the name of self, wife, family members and benami holders, one four-wheeler and one two-wheeler. Immovable assets in the form of eight house-sites, agricultural land and one flat were also unearthed. The probe also revealed that huge money was lent by him on promissory notes. He also spent huge amounts of money on development of plots he purchased. The above assets and expenditure amounted to Rs 2.21 crore.
After completing investigation, the CBI filed the charge sheet in 2013 stating that the accused was in possession of disproportionate assets. During the trial, 44 witnesses were examined and 305 documents produced before the court.