Hyderabad: The Special Judge, CBI Cases, Visakhapatnam has sentenced two officials of IDBI Bank Limited to jail term and imposed a fine on them along with eight others private persons for cheating the bank.
According to the officials, Surendranath Datti, then Assistant General Manager-cum-Centre Head, IDBI Bank, Vizag Retail Asset Centre, Siripuram Junction, Visakhapatnam was asked to undergo two years Rigorous Imprisonment (RI) with fine of Rs 1 lakh and Dwibhashyam Karthik, the then Assistant Manager, IDBI Bank Ltd., Visakhapatnam to undergo two years Rigorous Imprisonment with fine of Rs.30,000 in a bank fraud case.
Further, eight private persons: Jancy Prasad Kaza (RI of one year with fine of Rs 20,000), Kaza Ambika Prasad, Chartered Accountant & Managing Partner of M/s Ambika and Isha, Chartered Accountants (RI of one year with fine of Rs 20,000/), Kotha Kama Raju, Panel Valuer of IDBI Bank Ltd & Proprietor, M/s. R.K.Engineers (RI of one year with fine of Rs 40,000), Yanamala Surya Narayana Reddy (RI of one year with fine of Rs 20,000), Yanamala Sairam Tulasi (RI of one year with fine of Rs 20,000), Belagam Srinivasa Rao, Panel Valuer of IDBI Bank Ltd (RI one year with fine of Rs 40,000), Gudla Ramesh, M/s. Fine Steels (RI of one year with fine of Rs 20,000) and Gudla Sangeetha (RI of one year with fine of Rs 20,000) were sentenced.
It was alleged that Surendranath Datti, the then Assistant General Manager-cum-Centre Head and Dwibhashyam Karthik, the then Assistant Manager, both working in IDBI Bank Vizag Retail Asset Centre, Siripuram Junction in connivance with the borrowers, direct sales associates, panel valuers and engineers, had sanctioned and disbursed the loans to ineligible borrowers by accepting fake income tax returns.
Further, they had ignoring adverse CIBIL Reports, violating the laid down procedures and norms of IDBI Bank and failing to ensure property security.
The accused caused a total loss to the tune of approximately Rs 201.17 lakh to the IDBI Bank Limited, CBI officials said.
After investigation, chargesheets were filed against the accused. The trial Court found the said accused guilty and convicted them.
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