Vijaywada: The CBI Court has convicted five officials of the State Bank of India (SBI) and two private persons in connection with a major bank fraud case.
Following people have been convicted by CBI:
- Kalluri Satyanarayana (A1) – Then Relationship Manager (Medium Enterprises), SBI Sales Hub, Regional Business Office, Kakinada, East Godavari district.
- Chaganti Chalapathi (A2) – Then Branch Manager.
- Nidadavolu Venkata Ramana Rao (A3) – Then Branch Manager.
- Manapragada Ramana (A4) – Then Assistant Manager (Advances), SBI Anaparthy Branch, East Godavari district.
- Mallidi Venkata Narayana Reddy (A5) – Managing Director of VNR Refineries Private Ltd, Vemulapalli-Dwarapudi, Mandapeta Mandal, East Godavari district.
- M Venkata Narayana Reddy (A6) – Private person.
- P Subba Rao (A7) – Then Assistant Manager (Agriculture Advances), SBI Anaparthy Branch.
As per the conviction, A1 to A4 were sentenced to three years simple imprisonment and A5 was sentenced to undergo two years simple imprisonment and A1 to A7 were fined Rs1,15,000.
The CBI officials said during the period 2008-2011, they conspired to cheat SBI –Anaparthy Branch by fraudulently securing credit facilities for VNR Refineries.
Bank customers colluded with bank officials and obtained loans by concealing prior mortgages and submitting tampered documents as security.
The bank officials misused their positions by violating bank rules, ignoring due procedures, and falsely certifying documents to facilitate the loans.
As a result, they caused wrongful loss to the bank and wrongful gain to themselves, with an outstanding amount of Rs 9.19 crore.
After completion of trial, the court convicted the staff officials.
➡️ SBI Loan EMI Calculator: Calculate Loan EMI for Home Loan, Car Loan
Loan handling is one of the most sensitive responsibilities in the banking sector, as it involves public money, financial trust, and strict regulatory compliance. Bank officials dealing with loan sanctions, verification, and monitoring are expected to work with utmost diligence, honesty, and transparency.
Even a small lapse in scrutiny can lead to serious financial losses and misuse of funds. Therefore, bankers must carefully examine every application, verify documents properly, and ensure that all rules and procedures are followed while processing loans.
