The Special Judge for CBI Cases, Hyderabad, has sentenced A.Gadhadar, then Branch Manager, Bank of lndia, Saroornagar branch, Hyderabad to undergo Rigorous Imprisonment for five years with fine of Rs. 60,000, and private persons Panditi Rajasekhar and Gaddigopula Satyananda Rao, to undergo one year Rigorous Imprisonment with fine of Rs. 10,000 each, in a bank fraud case.
The CBI had registered the case against the suspect on the allegations that he entered into a conspiracy with an intention to cheat the Bank of India, Saroornagar Branch, Hyderabad.
It was further alleged that A. Gadhadar, then Branch Manager had fraudulently processed and sanctioned the housing loan applications and disbursed the loan amounts. Subsequently, all the loan accounts became NPA and a loss to the tune of Rs.73.80 lakh was caused to the bank.
After investigation, a chargesheet was filed against the accused. The Trial Court found the said accused guilty and convicted them.