Sunday, February 23rd, 2020

Four years imprisonment to then manager of uco bank and then managing partner of visakhapatnam based private firm & two others for committing bank fraud

invc newsINVC NEWS New Delhi, The Special Judge for CBI Cases, Visakhapatnam has convicted Sri Pothina Nageswara Rao @ Nagesh then Managing Partner, Sri Aeturi Naga Kiran then Partner & Sri Presingu Kiran then Employee, all of M/s. Pothina Tech Constructions, Pothina Mallayya Palem, Madhurawada, Visakhapatnam and Sri Jadumani Soren, then Manager, UCO Bank, Dwaraka Nagar Branch, Visakhapatnam in a fraud case and sentenced Sri Pothina Nageswara Rao, Sri Aeturi Naga Kiran & Sri Presingu Kiran, all private persons to undergo four years Simple Imprisonment with fine of Rs. 18,000/- each and Sri Jadumani Soren, then Manager to undergo four years Simple Imprisonment with fine of Rs. 31,000/-. CBI had registered a case on the allegations that during the month of March 2010, Sri Pothina Nageswara Rao @ Nagesh then Managing Partner, Sri Aeturi Naga Kiran then Partner, Sri Presingu Kiran then Employ, all of M/s. Pothina & Tech Constructions, Visakhapatnam and Sri Jadumani Soren, then Manager, UCO Bank, Dwaraka Nagar Branch, Visakhapatnam had entered into a criminal conspiracy to cheat UCO Bank, Dwaraka Nagar Branch, Visakhapatnam. In pursuance of the said conspiracy, Sri Pothina Nageswara Rao, then Managing Partner with the help of other two persons opened a current account in the name of M/s. Pothina Tech Constructions and deposited a fictitious cheque bearing No.007585, dtd.23-03-2010 for Rs.353,61,35,899/-. On 23-03-2010 itself, Sri J. Soren, then Manager had fraudulently credited the cheque amount to the Current Account of M/s. Pothina Tech Constructions, without actually sending & realization of the cheque, by debiting Inter Branch Suspense Account and also issued a Statement of Current Account showing the huge credit balance without realization of the proceeds to Sri P. Nageswara Rao through other two private persons. The Zonal Office, UCO Bank, Hyderabad, on the next day, detected the irregularity and got the credit entry reversed.  Thus, the accused persons colluded with one another and made an attempt to defraud the UCO Bank, Dwaraka Nagar Branch, Visakhapatnam. After conducting regular trial, the Court pronounced judgement and convicted the three private persons U/s 120-B, 420 r/w 511, 468 r/w 120-B & 471 r/w 120-B IPC and then Manager, UCO Bank U/s120-B, 420 r/w. 511, 468 r/w. 120-B, 471 r/w 120-B, 467 r/w.120-B, 477-A IPC and Sec. 13(2) r/w 13(1)(d) of PC Act, 1988.

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