New Delhi (The Hawk): Four people, including a former branch manager of the Bank of Maharashtra, were sentenced to seven years in prison by a special CBI court in Hyderabad in connection with a bank loan fraud case involving more than Rs 44 lakh.
The court sentenced C. Narayanaswamy, the Bank of Maharashtra's Khairatabad Branch's Branch Manager at the time, to seven years of rigorous imprisonment and a fine of Rs. one lakh.
Along with receiving a seven-year sentence of hard labour and a fine of Rs 75,000 each, three private individuals—K. Sridhar, managing partner of Divine Galaxy, Hyderabad; K. Ananda Rao, managing partner of Divine Galaxy, Hyderabad; and Nanda Gopal, proprietor of Sufi Impex Inc.—were also found guilty.
Amar Data Systems Private Ltd, Bangalore, has also been fined Rs. 1.50 lakh by the court for harming the bank.
In 2002, the CBI filed this case against C. Narayanaswamy and others on the grounds that the defendants conspired with individuals and approved loans totaling Rs 60 lakh.
The sanctioned amount was exceeded by Rs 44,51,304, which could not be recouped because the firm was not operating at the specified address.
As a result, the accused caused a loss to the bank and illegitimate financial gain for private individuals.
A chargesheet was submitted against the accused in 2003 following the conclusion of the inquiry. Since then, the trial has been ongoing.
Now, the Trial Court has convicted the aforementioned defendants after finding them guilty.
(Inputs from Agencies)