HYDERABAD: A former Bank of Maharashtra senior manager and nine others have been sentenced to undergo rigorous imprisonment in a financial fraud of rigorous imprisonment by the Special Judge for CBI Cases.They were convicted for their involvement in sanctioning a working capital limit of Rs 4.5 crore using forged documents to private companies.
In 2013, the CBI investigated forgery and fund diversions by the bank officials and other individuals and filed a charge sheet in the court in 2014. The court on Wednesday convicted the offenders with rigorous imprisonment and penalty.
Former senior manager Sarath Babu Jelly, and former Assistant General Manager Suhas Kalyan Ramdasi, from the Bank of Maharashtra, Secunderabad Branch, were convicted to undergo seven years of rigorous Imprisonment with a fine of Rs 1,10,000 each.
Three other offenders involved in the fraud Donikena Sridhar, Donikena Purna Sri, and Marella Srinivas Reddy were convicted to undergo seven years of rigorous imprisonment with a fine of Rs 1 lakh each.
Marella Laxma Reddy has been sentenced to undergo one year Rigorous Imprisonment with a fine of Rs 20,000, Vempati Srinivas, Vette Raja Reddy, Vadde Narasaiah, Bathula Satya Suraj Reddy to undergo three years rigorous imprisonment with fine of Rs 20,000 each.
Six other companies which figured in the scam were asked to pay a fine. Maven Life Sciences, Graupel Pharma Private Limited, Conferro Health Carte Private Limited were asked to pay a fine of Rs 1 lakh while Hyderabad Tablet Tools, Kiran Impex Private Limited, and Sri Vaishnavi Pharma Chem have been fined Rs 50,000 each.