Hyderabad: The Special Judge for CBI Cases, Hyderabad has sentenced 10 accused persons to various periods of Rigorous Imprisonment (RI) and imposed a fine on them for involvement in a bank fraud case.
Five persons were sentenced to seven years of Rigorous Imprisonment; four to three years’ of Rigorous Imprisonment and the remaining person to one year of Rigorous Imprisonment. The court imposed a fine on six companies against whom the case was booked.
The Central Bureau of Investigation had registered a case on March 30, 2013, against Sarath Babu Jelly, then Senior Manager, Bank of Maharashtra, Secunderabad Branch, and others on the allegations that the accused while working at Bank of Maharashtra, Secunderabad branch had conspired with private companies during the period 2012 & 2013 by sanctioning working capital limits for Rs.5 crore and subsequently diverted the funds for the purpose other than the sanctioned, on fake and fabricated documents, thus causing a loss to the tune of Rs.4,57,86,355/-(approx) to Bank.
After investigation, the CBI arrested Sarath Babu Jelly, senior manager, Suhas Kalyan Ramdasi, assistant general manager both of the Bank of Maharashtra Secunderabad branch, Donikena Sridhar, and Donikena Purna, Marella Srinivas Reddy, Marella Laxma Reddy, Vette Raja Reddy, Vempati Srinivas, Vadde Narasaiah, and Bathula Satya Suraj Reddy, all private persons. Six companies M/s Maven Life Sciences Private Limited, Graupel Pharma Private Limited, Conferro Health Care Private Limited, Hyderabad Tablet Tools, Kiran Impex Private Limited, and Sri Vaishnavi Pharma Chem were also booked by the CBI in the case.
After the trial the court sentenced Sarath Babu Jelly and Suhas Kalyan Ramdasi, Donikena Sridhar, Donikena Purna Sri, and Marella Srinivas Reddy, to undergo seven years Rigorous Imprisonment with a fine of Rs.1,10,000. Marella Laxma Reddy was sentenced to one-year of Rigorous Imprisonment with a fine of Rs.20, 000. Vempati Srinivas was sentenced to undergo three years of Rigorous Imprisonment with a fine of Rs.10, 000. Vette Raja Reddy, Vadde Narasaiah, and Bathula Satya Suraj Reddy, were sentenced to undergo three years of Rigorous Imprisonment with a fine of Rs.20, 000.
The Court also imposed a fine of Rs. One Lakh each to M/s Maven Life Sciences Pvt Ltd; M/s Graupel Pharma Pvt Ltd & M/s Conferro Health Care Pvt Ltd and Rs.50,000/- each to M/s Hyderabad Tablet Tools; M/s Kiran Impex Pvt Ltd & M/s Sri Vaishnavi Pharma Chem.
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