Five Years' RI For BOI Branch Manager In Bank Fraud Case

The Special Judge for CBI Cases sentenced A Gadhadar,?formerly branch manager of the Bank of India's Saroornagar branch, to rigorous imprisonment of five years and a fine of Rs 60,000.

Two private individuals, Panditi Rajasekhar and Gaddigopula Satyananda Rao, were also convicted and sentenced to one year RI and fines of Rs 10,000 each in the case.

The?CBI had registered an instant case against the accused on allegations that they had entered into a conspiracy with an intention to cheat the Bank of India. It was alleged that Gadhadar had fraudulently processed and sanctioned housing loan applications, and disbursed the sanctioned loan amounts. All the loans became NPAs later, causing a loss to the tune of Rs 73.8 lakh to the bank. After investigation, the CBI filed a chargesheet against the accused, and the trial court found the accused guilty and convicted them.