Andhra Pradesh - Visakhapatnam   

Convicted in cheating case

VISAKHAPATNAM: Special Judge for CBI cases S. Bajaranga Babu, in his judgment on Friday, convicted C.G.K. Murthy, a former branch manager of Andhra Bank Gandhinagar branch in Vijayawada, P. Rama Kanaka Durga Prasad, the then panel surveyor, Andhra Bank, Vijayawada, V. Venkata Satya Siva Sekhar Raju, chairman, M/s Sri Lalitha Cement Products Private Limited, V. Sujata Vani, its managing director, G. Kalyana Varma and P. Vijayalakshmi, (both directors) and T. Venkata Kishore Kumar, fake supplier to M/s Sri Lalitha Cement Products in the name of M./s Sri Venkateswara Enterprises, Vijayawada.

The CBI, Visakhapatnam Branch, registered case on March 28, 2002, against C.G.K. Murthy, P.R.K. Durga Prasad, bank approved valuer, and against M/s Sri Lalitha Cement Products (P) Ltd., under Section 120 B read with 420, 468, 471, 477-A IPC and Section 13(2) read with 13(1) (d) of the Prevention of Corruption Act, 1988.

The CBI filed a charge-sheet on June 30, 2003, against all the above accused and also R. Venkata Ramana Swamy, fake supplier to M/s Sri Lalitha Cement Products in the name of M/s Machines and Materials Marketing, Vijayawada, under various Sections on the allegation that C.G.K. Murthy, while functioning as Branch Manager during 1999, had entered into a criminal conspiracy with P.R.K. Durga Prasad and the other accused and abused his official position to sanction a loan of Rs.30 lakhs on the over-valued collateral security offered by M/s Sri Lalitha Cement Products (P) Ltd and thereby cheated the bank and caused a wrongful loss to the tune of Rs.30 lakhs to the bank.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

Language panel to submit plans for fund utilisation
Seminar on family laws
NABH accreditation for Seven Hills
Improve farmers’ income, says Swaminathan
Long haul
Rooting for high-speed trains
‘IT sector should make most of the meltdown’
Internal security scheme on the anvil, says CP
Homage paid
Rich tributes paid to Tenneti
Donations: ISKCON cautions public
A wake-up call
Convicted in cheating case
In Visakhapatnam Today

Copyright © 2008, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu