In a significant development, the XI Additional Special Judge for CBI Cases in Chennai has convicted five private individuals in connection with a ₹25 crore bank fraud case. Among those convicted is T.V. Krishna Rao, Proprietor of M/s Krishna Builders, along with four others: V. Hari, G. Padmanabhan, R. Ravishankar, and Chukra Kumar (also known as VKS Kumar or Sai Kumar).
Case Background
The Central Bureau of Investigation (CBI) registered the case on September 3, 2009, following a complaint by the General Manager of the Central Bank of India. It was alleged that T.V. Krishna Rao, along with the other accused, conspired to misappropriate funds transferred through RTGS (Real Time Gross Settlement) from the account of M/s Northern Coal Fields Limited. These funds were fraudulently diverted into a private account, causing a loss of ₹25 crore to the Central Bank of India.
Investigation and Chargesheet
After a thorough investigation, the CBI filed a chargesheet on August 26, 2010, detailing the involvement of the accused in the fraudulent activities. The investigation revealed a well-planned conspiracy to cheat the bank by illegally diverting funds meant for legitimate purposes.
Conviction and Next Steps
The court found all five accused guilty of the charges. However, the sentencing details, including the quantum of punishment, will be announced at a later date. This case highlights the continued efforts of the CBI to tackle economic offenses and bring those responsible for financial fraud to justice. It also underscores the importance of stringent measures to safeguard the banking sector from fraudulent activities.
