CBI Court Sentences 7 Persons in Rs.4.9 Cr Bank Fraud Case
The CBI registered a case on September 29, 2004, against Chandrakanth and 16 others for cheating a bank of Rs.4.9 crore using false documents.
A special CBI court in Hyderabad convicted and sentenced T. Chandrakanth, a former Senior Manager at Corporation Bank, to 2 years of rigorous imprisonment and a fine of Rs.20,000.
- Six borrowers were sentenced to 1 year of rigorous imprisonment and a fine of Rs.55,000:
- VNSC Bose
- V. Rajansri
- Konda Sekhar Reddy
- NVP Nanda Kishore
- H. Raja Sekhar Reddy
The case involved cheating the bank in sanctioning and disbursing housing loans worth Rs.4.9 crore using false and fictitious documents.
No comment from the accused or the bank was available.
Author's summary: CBI court sentences 7 in bank fraud case.
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