FIVE YEARS IMPRISONMENT TO THEN MANAGER OF STATE BANK OF INDIA AND A PROPRIETOR OF PRIVATE FIRM IN A BANK FRAUD CASE

Press Release
New Delhi , 02.11.2012

            The Principal Special Judge for CBI cases, Visakhapatnam has convicted Sri Prakhya Satyavadan, the then Manager, State Bank of India, Bhimadole Branch, Bhimadole, West Godavari District & Sri Katragadda Srinavasa Rao, Proprietor of M/s. Hi-Tech Diary, Seethammapeta sivaru, Singavaram Village, Denduluru Mandal, West Godavari District and sentenced them to undergo Simple Imprisonment of 5 years with fine of Rs.6000/- each in a bank fraud case.

 

            CBI, registered a case on 24.07.2002 U/s 120-B,420, 468, 471, 477-A IPC and Sec.13(2) r/w, 13(1) (d) of PC Act, 1988 against Sri P. Satyavadan, the then Officer, State Bank of India, Bhimadole Branch and Sri Katragadda Srinivasa Rao, Prop. of M/s. Hi-Tech Dairy, Seethammapeta Sivaru, Singavaram Village, Denduluru Mandal, West Godavari District. It was alleged that the accused persons entered into a criminal conspiracy between themselves and in pursuance of the same, Sri P. Satyavadan dishonestly & fraudulently sanctioned term loans in excess of Rs.70 lakh to Sri K. Srinivasa Rao against forged documents submitted in support of collateral securities, as a result of which the bank suffered loss to the tune of Rs.1,20 lakh (approx).

 

            On completion of investigation, CBI filed charge sheet against Sri Prakhya Satyavadan, the then Manager, State Bank of India and Sri Katragadda Srinivasa Rao, Proprietor of M/s Hi-tech Dairy before the Court of Special Judge for CBI cases, Visakhapatnam U/s 120-B, 420, 468, 471 IPC and Sec. 13(1) (d) r/w. 13(2) of PC Act, 1988.

 

            After the regular trial, the Court at Visakhapatnam found Sri P. Satyavadan & Sri K. Srinivasa Rao guilty of committing the offences and convicted them.

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