HYDERABAD: The Special Court for CBI Cases at Hyderabad convicted seven persons including the then Chief Manager of Punjab National Bank, Secunderabad, B Sathya Rao to undergo three years Rigorous Imprisonment for cheating the bank to the tune of `2.06 crore in a case that’s over a decade old.
The other accused are Machavaram Venkata Krishna Rao, then senior manager of PNB, Veli Srinivas, proprietor of M/s Spectrum Mercantiles and his associate Veli Vanaja, M Abdul Mannan, panel valuer of PNB and two other private persons M Reddy Koti Reddy and P Manoj Kumar.
The court while delivering the verdict, relied on oral evidence provided by the prosecution, coupled with documentary evidence. Srinivas of M/s Spectrum Mercantiles, in connivance with the other accused, had obtained cash credit facility using forged and fabricated title deeds as genuine related to immovable properties, audited balance sheets and financial documents, resulting in a loss of `2,06,72,141 to the bank.