FOUR YEARS RIGOROUS IMPRISONMENT TO TWO ACCUSED FOR FRADULENTLY CAUSING LOSS OF Rs. 130 LAKHS TO BANK OF INDIA

Press Release
New Delhi , 01.01.2013

            The Additional Chief Metropolitan Magistrate, Egmore(Chennai) has convicted Sh. Srinivasalu Reddy & Sh. Sundaram Gopu U/s 120-B r/w 420, 419, 467, 468, 471 of Indian Penal Code and sentenced them to undergo four years Rigorous Imprisonment with fine of Rs. 2.25 Lakh & Rs. 2.30 Lakh respectively in a CBI case.

 

            The investigation revealed that the accused persons availed credit facilities by depositing forged title deeds & fraudulently mortgaging the immovable property offered as collateral security with several banks, causing a loss of Rs.130.71 Lakhs and interest thereon to the Bank of India, Chennai Main Branch.

 

            The Court found two accused persons guilty during trial and convicted them.

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