CBI Court Sentences 7 Persons in Rs.4.9 Cr Bank Fraud Case
The CBI registered a case on September 29, 2004, against Chandrakanth and 16 others for cheating a bank of Rs.4.9 crore using false documents.
A special judge for the CBI court in Hyderabad convicted and sentenced T. Chandrakanth, a former Senior Manager at Corporation Bank's Banjara Hills Branch, to 2 years of rigorous imprisonment and a fine of Rs.20,000.
- Six borrowers were sentenced to 1 year of rigorous imprisonment and a fine of Rs.55,000 each:
- VNSC Bose
- V. Rajansri
- Konda Sekhar Reddy
- NVP Nanda Kishore
- H. Raja Sekhar Reddy
The case involved cheating the bank in sanctioning and disbursing housing loans worth Rs.4.9 crore based on false documents.
Author's summary: CBI court sentences 7 for bank fraud in Hyderabad.