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CBI court convicts SBI official, 2 others
the Second Additional Special Judge for CBI cases, G Satya Prabhakar Rao, on Wednesday convicted the former branch manager of SBI, Biccavolu branch in East Godavari, P Venkata Rama Subrahmanyam, SVV Satyanarayana Reddy and his wife S Ganga Lakshmi, owner of MR Soaps and Detergents, Polamuru, Anaparthi mandal in East Godavari, to two years of rigorous imprisonment and slapped a fine of Rs 22,000
Visakhapatnam: the Second Additional Special Judge for CBI cases, G Satya Prabhakar Rao, on Wednesday convicted the former branch manager of SBI, Biccavolu branch in East Godavari, P Venkata Rama Subrahmanyam, SVV Satyanarayana Reddy and his wife S Ganga Lakshmi, owner of MR Soaps and Detergents, Polamuru, Anaparthi mandal in East Godavari, to two years of rigorous imprisonment and slapped a fine of Rs 22,000 on them.
As per the allegation, during 2009-2010, the SBI branch manager Subrahmanym entered into a criminal conspiracy with the Reddy couple and Kosuru Manikyala Rao, proprietor of Leading Metal Syndicate, Rajahmundry, and Gavini Nageswara Rao, proprietor of Gayatri Packing Industries, Tenali, to cheat the State Bank of India for sanctioning three loans.
In pursuance of the said criminal conspiracy, the branch manager abusing his official position sanctioned Kisan Gold Card loan of Rs 7.50 lakhs to Satyanarayana Reddy and processed and recommended for sanction of term loan of Rs 60 lakhs and cash credit of Rs35 lakhs to MR Soaps and Detergents owned by Ganga Lakhmi against invalid property documents without conducting proper pre-sanction inspection of the properties offered as collateral securities.
The fraud caused a loss of Rs 98. 7 lakhs to the bank, being outstanding loan amount in the above three loan accounts as on January 31, 2012 and wrongful gain to the borrowers.
After conducting regular trial, the trial court pronounced judgment convicting the three accused. The court, however, acquitted Kosuru Manikyala Rao and Gavini Nageswara Rao from the charges levelled against them.
