Tag Archives: Fraud case

Former Vijaya Bank Manager and 10 others sentenced 3-years rigorous imprisonment in a fraud case

Newsroom24x7 Network

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.

CBI arrests absconding fraudsters

Newsroom24x7 Desk

cbiNew Delhi:A case had been registered earlier in the names of several non-existing firms and persons for having submitted false and fabricated documents with regard to sanction and disbursal of various credit facilities at Punjab National Bank(PNB), for an amount approx.of Rs.22 crores.

In an ongoing investigation of the abovesaid PNB fraud case, the Central Bureau of Investigation (CBI) has arrested two absconding persons, who were on the flee since past 1 ½ years.

The accused have been produced before Special Judge for CBI Cases, Bangalore and remanded to police custody for 3 days.

In another similar case, CBI arrested an Accountant of State Bank of India for forgery of bank drafts. A case was registered earlier on November,1994 under section 420, 467, 468, 471 of IPC and  13(2)  and 13(1)(d) of Prevention of Corruption Act, 1988. The accused had allegedly issued two Bank Draft books in his name and prepared 20 drafts issued by SBI Opera Branch, Bombay, drawn on SBI, Polytechnic Branch, Ahmedabad  in favor of his private firm and cheated the bank to the tune of Rs.16,82,500/-(approx).

After investigation, a charge sheet was filed against the then Accountant, SBI, Ahmedabad in the Court of Special Judge following which he absconded.

Finally, CBI traced the absconding accused and arrested him from Pune  and is being produced today in the Court of Special Judge, CBI, Ahmedabad.