Additional Special Judge for CBI cases in Visakhapatnam G. Sunitha sentenced three persons, including the branch manager of Bank of Maharashtra, Rajahmundry branch, to undergo simple imprisonment of five years and pay a fine of Rs. 1 lakh each, here on Tuesday.
The then branch manager of the bank G.V. Shiva Reddy, entered into a criminal conspiracy with K. Sridhar and K. Ananda Rao, partners of Anant Residency, Dwarakanagar, to sanction a loan of Rs. 30 lakh by certifying forged documents as genuine, by using his official powers.
The loan was sanctioned against the security of FCNR (B) deposit of USD 5,07,000 of two Non Resident Indians who are residing at Jakarta, Indonesia, without their consent and in violation of Bank’s Central Office Circular.
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The accused were sentenced under IPC sections 120-B, 420 and 471.