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Ex-Bank Branch Manager Acquitted in Fraud Case

Published: 02nd April 2015 05:57 AM  |   Last Updated: 02nd April 2015 05:57 AM   |  A+A-

VISAKHAPATNAM: The Second Additional Special Judge for CBI cases in Visakhapatnam Tuesday pronounced judgments in three bank fraud cases and sentenced five persons to undergo imprisonment apart from imposing fine. However, the court has acquitted two former bank employees in connection with the cases.

According to a release, M Satyanarayana Murthy who was working as the senior branch manager at Bank of India in Madhuranagar branch of Kakinada, reportedly connived with private persons including borrowers, guarantors and panel advocates to cheat his bank. He allegedly abused his official position and violated the rules and guidelines of the bank by fraudulently sanctioning housing loans to the accused on the basis of fake and forged documents submitted by the latter, thereby causing losses to the bank.

Based on a complaint by the bank authorities, the anti-corruption branch of CBI registered cases in 2012 in three separate incidents and arrested the accused. The arrested were the then branch manager M Satyanarayana Murthy, the bank’s then panel valuer MV Venkateswara Rao, a government school teacher S Venkat Rao of Cheedipalem village and Lagarai village sarpanch P Satyanarayana in the first case, Government Office sweeper B Kanakaratnam, Kakinada Government Boys Hostel cook G Suresh Kumar in the second case, and B Venkata Ramana, a farmer from Niladrirao Peta village in East Godavari district in the last case.

After conducting a regular trial, the Second Additional Special Judge for CBI cases N Ananda Rao acquitted former branch manager M Satyanarayana Murthy and former panel valuer MV Venkateswara Rao and sentenced S Venkat Rao to undergo a year’s rigorous imprisonment and pay Rs 4,000 as fine in the first case. P Satyanarayana was given three years of rigorous imprisonment along with a fine of Rs 7,000 in the same case.

In the second case, both the accused - B Kanakaratnam and G Suresh Kumar - were convicted to undergo rigorous imprisonment for three years each and pay Rs 7,000 each as fine.

In the last case, the court imposed a rigorous imprisonment of one year and Rs 1,000 as fine on B Venkata Ramana.

The Second Additional Special Judge for CBI cases in Visakhapatnam has ordered that all the sentences imposed against the accused should run concurrently.

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