The II Additional Special Judge for CBI cases N. Ananda Rao on Thursday sentenced three persons to undergo three years rigorous imprisonment each in connection with a bank fraud case.
The prime accused Ch. Lakshmi Kantha Rao, Branch Manager, State Bank of Hyderabad, Kothapeta branch, Guntur, entered into a criminal conspiracy with seven others during 1998-2001 to cause a wrongful loss of Rs.8 lakh to the bank and corresponding gain for themselves.
After the regular trial, the judge convicted Lakshmi Kanta Rao, R. Vasudeva Rao, approved valuer of Guntur (private person) and B. Nageswara Rao, the then Field Officer/Loans Office, SBH, Guntur to undergo 3 years RI and to pay fines of Rs.5,000, Rs.3,000 and Rs.5,000 respectively.
They were convicted under Sections 120-B, 420, 468 and 470 of the IPC and under Section 13 (1) (d) read with 13(2) of the Prevention of Corruption Act, 1988.