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 judge for the CBI court in Hyderabad convicted and sentenced T. Chandrakanth, then Senior Manager of Corporation Bank's Banjara Hills Branch, to 2 years of rigorous imprisonment with a fine of Rs.20,000.
Six borrowers, including VNSC Bose, V. Rajansri, Konda Sekhar Reddy, NVP Nanda Kishore, and H. Raja Sekhar Reddy, were sentenced to 1 year of rigorous imprisonment with a fine of Rs.55,000.
The case involved cheating the bank to the tune of Rs.4.9 crore on the basis of false and fictitious documents for housing loans.
Author's summary: CBI court sentences 7 persons in bank fraud case.
- Accused: T. Chandrakanth and 6 borrowers
- Crime: Cheating a bank of Rs.4.9 crore
- Sentence: 2 years RI for Chandrakanth, 1 year RI for borrowers