Bank Manager, 3 Others get Jail Term in Fraud Case

Published: 07th March 2015 06:01 AM  |   Last Updated: 07th March 2015 06:01 AM   |  A+A-

VISAKHAPATNAM: The Special Court for CBI Cases in Visakhapatnam Friday convicted four persons in a case related to an attempt to defraud the Dwarakanagar branch of UCO bank in the city to the tune of `353.65 crore in March 2010. Principal Special Judge for CBI Cases G Anupama Chakravarthy sentenced the accused persons, including the bank’s branch manager, to undergo four years of simple imprisonment and also pay a fine in Visakhapatnam, Friday.

According to a release, Pothina Nageswara Rao alias Nagesh and Aeturi Naga Kiran who were running Pothina Tech Constructions at PM Palem of Madhurawada in the city colluded with their employee P Kiran and the then branch manager of UCO Bank Dwarakanagar branch Jadumani Soren and conspired to cheat the bank in March 2010. They opened a current account in the name of M/s Pothina Tech Constructions and deposited a fictitious cheque bearing No. 007585 (dated March 23, 2010) for `353,61,35,899/-.

On the same day, J Soren fraudulently credited the cheque amount to the Current Account of M/s Pothina Tech Constructions, without actually sending the cheque for realisation of the amount. He also issued a Statement of Current Account showing the huge credit balance without realisation of the proceeds to Nageswara Rao. However, the zonal office of UCO Bank at Hyderabad discovered the irregularity next day and got the credit entry reversed. Based on a complaint lodged by them, the CBI sleuths arrested the accused and presented them in the court for attempting to cheat the UCO Bank.

After conducting the trial, the court pronounced the judgement convicting the accused persons to undergo simple imprisonment of four years each. While Soren was imposed a fine of `31,000, the remaining accused were slapped a fine of `18,000 each and the court ordered that sentences shall run concurrently.

Public having complaints about corruption in central government deparments, public sector units, nationalised banks and government insurance companies, can contact the Superintendent of Police and HoB, CBI, Visakhapatnam in person or over toll free number 1800 425 00100 or email ID hobacvskp@cbi.

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