Principal Special Judge for CBI G. Anupama Chakravarthy pronounced judgment convicting Senior Divisional Manager of United India Insurance Company Merugu Francis Showry in a disproportionate assets case, here on Tuesday.
He was sentenced to undergo simple imprisonment for three years and pay a fine of Rs.50,000.
Another accused, Kakani Sudheer, Panel Surveyor of General Insurance Companies, Eluru, West Godavari district, was acquitted.
A case was booked against Francis for acquiring immovable properties in his name and in the name of benami K. Sudheer, which were disproportionate to his known sources of income to the tune of Rs.9 lakh.
A case was also booked against Sudheer for allowing Francis to acquire assets in his name, and hence abetting the offence.
The Judge directed the prosecution to initiate appropriate steps to confiscate the properties of Francis worth Rs.7 lakh, which were found as disproportionate assets.
