New Delhi: The Special Judge for CBI cases, Visakhapatnam has sentenced Bandi Babu Rao, former Branch Manager of the Eluru Road branch of Viajaya Bank at Vijayawada in Krishna District to undergo three years Rigorous Imprisonment with fine of Rs. 20000.
The CBi court has also sentenced ten others – Anumukonda Veera Venkata Narayana Rao, Dabugottu Srinivas Rao, Lagudu Pavan Kumar, Lagudu Durga Prasad, Ruttala Hari Prasad, Rambha Gopinath Chandra Gupta, Battina Veera Venkata Rama Gopala Babu, Maruboyina Ashok Babu, Makka Stalin Babu and Gazula Venkata Ramana to undergo three years Rigorous Imprisonment with fine of Rs. 15000 each.
CBI had registered a case on the allegations that during the year 2005-06, Bandi Babu Rao, the then Branch Manager of Eluru Road, Vijayawada branch of Viajay Bank had colluded with other accused (Builders, Panel Valuers & loanees) and dishonestly processed, sanctioned and disbursed housing loans based on fake documents including fake income proofs, false valuation and fake Municipal Approval. An alleged loss of Rs. 16.9 million was caused to the Vijaya Bank.
After investigation, a charge sheet was filed against the accused persons and the Trial Court found the accused guilty and convicted them.