Hyderabad: The additional chief metropolitan magistrate, Hyderabad, sentenced two individuals to three years’ rigorous imprisonment (RI) with a total fine of Rs 30,000 in a bank fraud case.
The Central Bureau of Investigation (CBI) found K Siva Rama Krishna and N Mohan Reddy guilty of criminal conspiracy.
The IDBI Bank Ltd, a specialised corporate branch in Hyderabad registered a complaint on August 1, 2023, against Krishna and Reddy’s firm named Siva Constructions for illegally availing facilities to the bank by submitting inflated valuation reports and false network certificates.
The fraud caused the bank a loss to the tune of Rs10.19 crore.
After completing the investigation, the CBI filed a chargesheet on June 5, 2014, against the accused, including those later convicted and sentenced by the court.
Following the trial, the court found them guilty and imposed the appropriate sentences.
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