CBI court sends former Bank of India manager to 5 years in jail in bank fraud case

New Delhi: A special CBI court in Hyderabad on Thursday sentenced A Gadhadar, then manager of the Bank of India's Saroornagar branch in Hyderabad, to rigorous imprisonment for five years while two other persons have been given one year's rigorous imprisonment in a bank fraud case.

A CBI spokesperson here said that the special judge for CBI cases, Hyderabad, sentenced Gadhadar to rigorous imprisonment for five years and also imposed a fine of Rs 60,000.

The official said that the court also sentenced Panditi Rajasekhar and Gaddigopula Satyananda Rao to one year's rigorous imprisonment and a fine of Rs 10,000 each in the bank fraud case.

The CBI had registered a case against the accused over allegations that the accused entered into a conspiracy with the intention to cheat the Bank of India.

It was also alleged that Gadhadar had fraudulently processed and sanctioned housing loan applications and disbursed the loan amounts.

Subsequently, all the loan accounts became NPA. A loss to the tune of Rs 73.80 lakh was caused to the bank.

After investigation, the CBI filed a chargesheet against the accused and the trial court found them guilty and convicted them.