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CBI files charge sheet against an MP, MD of a Hyderabad based company and some Punjab national bank officers

Newsroom24x7 Desk

cbiHyderabad: The Central Bureau of Investigation has filed a charge sheet in the Court of Principal Special Judge for CBI Cases in Hyderabad under sections 120-B read with 420, 468 & 471 of Indian Penal Code (IPC) and Section 13(2) read with 13(1)(d) of the Prevention of Corruption Act, 1988 against P Ramakoteswara Rao, the then Managing Director and his Hyderabad based Visweswara Infrastructure Pvt Ltd; then Assistant General Manager and Branch Manager of Mid Corporate Branch, Punjab National Bank, Hyderabad; then General Manager, Head Office, Punjab National Bank, New Delhi and two other persons, including Lok Sabha MP from Araku in Andhra Pradesh
Kothapalli Geetha.

The charge against the accused is that they had entered into a criminal conspiracy to cheat the Mid Corporate Branch of Punjab National Bank in Hyderabad.  It is alleged that in the matter of sanction and availment of Short Term Loan of Rs.25 crores (approx). the then Managing Director and another person (now an MP) had allegedly misrepresented facts to the bank and got the loan sanctioned and disbursed in collusion with some bank officers. The accused persons colluded to create false documents over a litigated property. The accused persons diverted the loan amount for purposes other than it was sanctioned for and allegedly cheated the Punjab National Bank, resulting in a loss of approximately Rs.42.79 crores to the bank.

The above findings are based on the investigation done by CBI and evidence collected by it. Under the Indian Law, the accused are presumed to be innocent till their guilt is finally established after a fair trial.

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