INVC NEWS
New Delhi,
The Special Judge for CBI cases, Hyderabad has sentenced Shri B. Sathya Rao, the then Chief Manager, Punjab National Bank, Secunderabad to undergo three years Rigorous Imprisonment with fine of Rs. 80,000/-; Shri Machavaram Venkata Krishna Rao, then Senior Manager Punjab National Bank, Secunderabad to undergo three years Rigorous Imprisonment with fine of Rs. 80,000/-; Shri Veli Srinivas, Proprietor of M/s Spectrum Mercantiles to undergo three years Rigorous Imprisonment with fine of Rs. 80,000/-; Smt. Veli Vanaja (private person) to undergo three years Rigorous Imprisonment with fine of Rs. 60,000/-; Shri M. Abdul Mannan, Panel Valuer of Punjab National Bank to undergo three years Rigorous Imprisonment with fine of Rs. 60,000/-; Shri M. Reddy Koti Reddy (private person) to undergo three years Rigorous Imprisonment with fine of Rs. 40,000/- and Shri P. Manoj Kumar (private person) to undergo three years Rigorous Imprisonment with fine of Rs. 40,000/- in a bank fraud case.

CBI had registered a case on 24.05.2010 against Shri B. Sathya Rao, Chief Manager, Punjab National Bank, RP Raod, Secunderabad and others on the allegations that the accused had obtained cash credit facility in connivance with the bank officials using the forged & fabricated title deeds as genuine pertaining to immovable properties, audited balance sheets and financial documents. A loss of Rs. 2,06,72,141/- (approx) was caused to Bank.

After investigation, a charge sheet was filed on 14.12.12 against the accused.

           The Trial Court found the accused guilty and convicted them.

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