The Additional Special Judge for CBI cases G Satya Prabhakara Rao sentenced Kalva Dinesh, Partner, Sursti Sarees and Kids Wear, Vijayawada and Kalva Divakar Babu, father of Dinesh and a partner in the firm, to three years rigorous imprisonment(RI) and slapped a fine of ₹6,000.
According to the CBI, D. Babu, the main accused, Branch Manager, Central Bank of India, Governorpet Branch, Vijayawada and P.V. Sashi Kumar (A2), the then Manager (Credit) of the same bank entered into a criminal conspiracy with K. Dinesh (A3) and Sri Kalva Divakar Babu (A4), Partners of Srusti Sarees and Kids Wear, Vijayawada, to cheat Central Bank of India, Governorpet Branch, in the sanction and disbursement of cash credit facility.
The bankers had colluded with the businessmen to sanction and disburse cash credit limit of ₹47.7 lakhs against false and forged documents and non-existent property documents offered as collateral securities by Dinesh and Divakar.
Wrongful loss
The bankers thereby caused wrongful loss of ₹52,01,878 to the Central Bank of India.
Bankers acquitted
However, the bankers and others involved were acquitted from the charges levelled against them.
