HYDERABAD: In a significant development, the Special Judge for Central Bureau of Investigation cases in Hyderabad has pronounced the verdicts in a bank fraud case, sentencing A Gadadhar, the former Branch Manager of Bank of India, Saroornagar branch, Hyderabad, to five years of Rigorous Imprisonment along with a fine of Rs 60,000.
Additionally, private individuals Panditi Rajasekhar and Gaddigopula Satyananda Rao were each sentenced to one year of Rigorous Imprisonment, coupled with fines of Rs 10,000.
The CBI initiated the case based on allegations that the accused had conspired to deceive the Bank of India, Saroornagar Branch, Hyderabad. It was revealed that A Gadadhar, acting as the Branch Manager, had fraudulently processed and sanctioned housing loan applications, resulting in the disbursement of loan amounts.
Shockingly, all the loan accounts eventually turned into Non-Performing Assets (NPA), causing a substantial loss of approximately Rs 73.80 lakh to the bank. Following an investigation, a charge sheet was filed against the accused, leading to a trial in which they were found guilty.