Ex-bank manager among 3 sent to jail in loan fraud case

He illegally sanctioned the overdraft on mortgage of a property

Second Additional Special Judge for CBI cases, Visakhaptnam, G. Satya Prabhakara Rao on Wednesday sentenced a former Senior Branch Manager of Bank of India and two others to three years rigorous imprisonment and imposed a total fine of ₹30,000 in a property mortgage case.

Marella Satyanarayana Murthy, former Senior Branch Manager of the Madhuranagar Branch in Kakinada of East Godavari District, Marisetti Venkata Satya Chandra Sekhar Sudheer Raju and his wife Marisetty Durga were convicted of duping the bank for gains.

Case details

As per the allegations, Satyanarayana Murthy; Sudheer Raju; Durga; Soorabathula Venkata Maruthi Chandra Sekhar, a panel valuer and proprietor of Swapna Soudha Architects & Designers, Kakinada; and Pattamatta Ravi Shankar, an advocate entered into a criminal conspiracy to cheat the bank.

Satyanarayana Murthy, by abusing his official position, fraudulently sanctioned the overdraft on mortgage of a property and disbursed the entire loan amounts to Sudheer Raju and Durga between 2003 and 2006, on the basis of legal opinion of Ravi Shankar that the property had a clear title.

Chandra Sekhar, knowing well that the property mortgaged to the bank was an agricultural land, valued it as a residential property.

The conspiracy caused loss to the bank.

Two loans worth ₹9.25 lakh and ₹9.60 lakh (without interest) were the outstanding when the charge sheet was filed.

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Printable version | Apr 2, 2020 12:26:50 AM |

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