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New Delhi,
The Special Judge for CBI cases, Visakhaptnam has convicted Sri Balabhadruni Poli Setty, then Branch Manager, Andhra Bank, Specialised SSI Branch, Gajuwaka, Visakhapatnam; Sri Anipey Veera Venkata Rao, then Assistant Manager, Special SSI Branch Gajuwaka; Sri V. Jagannadham, Chartered Acountant & then Chairman of M/s. Harsharatna Industries Ltd., Visakhapatnam and his two employees; Sri Parla Venkateswara Rao, then Accounts Assistant & Sri Tanna Achuta Rao, then Audit Clerk in a bank fraud case and sentenced them to undergo three years simple imprisonment with fine ranging from Rs. 20,000/- to Rs.1,00,000(total fine Rs. 2.10 Lakh).

It was alleged that during May 2001 to March 2003, Sri B. Poli Setty the then Branch Manager, Andhra Bank, Specialised SSI Branch, Gajuwaka, Visakhapatnam; Sri A.V. Venkata Rao, the then Asst. Manager, Specialised. SSI Branch, Gajuwaka; Sri V. Jagannadham, Chartered Acountant & then Chairman of M/s. Harsharatna Industries Ltd., Visakhapatnam and his two employees Sri Parla Venkateswara Rao, the then Accounts Assistant & Sri Tanna Achuta Rao, the then Audit Clerk had entered into a criminal conspiracy to cheat the Andhra Bank. In furtherance of the said criminal conspiracy Sh. Balabhadruni Poli setty then Branch Manager violated laid down procedures of the bank, and fraudulently sanctioned & disbursed as many as 36 loans to non existing firms / traders. The accused had also accepted forged documents and false cold storage receipts as genuine, which were fraudulently prepared by said Chartered Accountant and his two employees. A loss to the tune of Rs.1,05,85,740/- (approx) was caused to Bank.

After conducting trial, the Special Judge for CBI Cases pronounced judgement and convicted the accused persons.

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