FIVE YEARS RIGOROUS IMPRISONMENT TO MANAGING DIRECTOR OF A HYDERABAD BASED PRIVATE FIRM FOR CHEATING & CAUSING A LOSS OF RS.82.72 LAKH(APPROX) TO BANK

Press Release
New Delhi , 21.01.2013

            The ACMM, Hyderabad has convicted Sri M.Ranga Rao, Managing Director of M/s Jai Kisan Seeds India Ltd., Hyderabad and sentenced him to undergo five years Rigorous Imprisonment with total five of Rs. 60,000/- for causing loss of Rs.82.72 Lakh(approx) to State Bank of Hyderabad.

 

            The investigation revealed that during the period 1997 & 1998, the accused Sri M.Ranga Rao, MD of M/s Jai Kisan Seeds(India) Ltd., had cheated State Bank of Hyderabad (SBH), Somajiguda, Overseas Branch, Hyderabad & sanctioned credit limits to the extent of Rs.80 lakhs (cash credit of Rs.35 lakhs, MCT of Rs.10 lakhs and LC of Rs.35 lakhs) on the basis of forged documents as a token of creating an equitable mortgage and misutilised the said loan . A loss of Rs.82,72,158/-(approx) was caused to the bank.

 

            The Trial Court found the accused guilty and convicted him.

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