G. Satya Prabhakara Rao, Third Additional Special Judge for CBI cases, Visakhaptnam, has convicted Velpula Vijay Kumar, former Branch Manager of Andhra Bank, Markondaputti Branch in Vizianagaram District of misappropriating ₹30.10 lakh from a Fixed Deposit Receipt (FDR) account.
The judge sentenced the bank official to two years of rigorous imprisonment, apart from imposing a fine of ₹12,000.
According to a communiqué issued by the CBI, T. Tirupathi Rao, another accused in the case who operated generator and performed data entry works at the same bank branch entered into a criminal conspiracy in 2006.
Tirupathi Rao misappropriated the FDR amounts deposited by the Director of a city-based firm M/s. Susee Sea Foods (P) Limited.
The amount was withdrawn after Vijay Kumar opened an unauthorised current account in the firm’s name, in violation of the procedures.
“Both the accused fraudulently obtained a wrongful gain of ₹30.10 lakh, causing loss to the bank,” the communiqué said. The court for CBI cases convicted Vijay Kumar and ordered that the sentences shall run concurrently. However, Tirupathi Rao was acquitted from the charges levelled against him.
