TWO TO THREE YEARS RIGOROUS IMPRISONMENT TO BANK MANAGERS OF INDIAN OVERSEAS BANK AND DENA BANK & OTHERS IN SEPARATE CASES OF BANK FRAUDS & CHEATING

Press Release
New Delhi , 09.12.2013

            The Special Judge for CBI Cases, Chennai convicted Shri A.Sreenivasa Rao, former Branch Manager of Indian Overseas Bank & three private persons: Shri Kamalakannan; Shri Rajesh Thomas & Shri R.Praveen Raj Kumar and sentenced them to undergo three years Rigorous Imprisonment with a fine of Rs.80,000/- in a Bank Fraud Case.

 

            CBI had registered a case against Shri A.Sreenivasa Rao, then Branch Manager, Indian Overseas Bank, Kilpauk Branch, Chennai & private persons: Shri Kamalakannan; Shri Rajesh Thomas & Shri R.Praveen Raj Kumar and Chennai-based firm. It was alleged that during the year 2002, the accused persons had entered into criminal conspiracy to cheat Indian Overseas Bank, Kilpauk Branch. Shri A.Sreenivasa Rao, then Branch Manager had sanctioned CC limits based on forged documents without conducting verification of the collateral securities. The private persons forged a lease deed as if it was entered into between Shri Rajesh Thomas and a Proprietor of a shop, leasing the shop to Chennai-based firm. Shri A.Sreenivasa Rao, then Branch Manager did not inspect the shop reportedly taken on lease by the firm. But, no shop was taken on lease by the accused persons. A loss of about Rs.15 lakh was caused to Indian Overseas Bank Kilpauk Branch, Chennai.

 

            After investigation, CBI filed a chargesheet against the accused persons U/s 120-B of IPC r/w 420, 467, 468 & Section 471 r/w 468 of IPC & 13(2) r/w 13(1)(d) of PC Act, 1988 and substantive offences U/s 417 of IPC against the firm.

 

            On completion of trial, the Special Judge for CBI Cases, Chennai convicted the accused persons.

 

            In another case, the Special Judge for CBI Cases, Hyderabad has convicted S/Shri K.V.Charyulu, then Branch Manager, Dena Bank; M.Satyanarayana Rao, then Accountant, Dena Bank; M.V.V.Nageswara Rao, then Officer, Dena Bank, Sanathnagar Branch, Hyderabad and sentenced them to undergo two years Rigorous Imprisonment U/s 120-B, 477 and 13(2) r/w 13(1)(d) of PC Act, 1988 in a cheating case.

 

            CBI had registered a case on the allegations that the accused public servants had entered into a criminal conspiracy with two private persons and cheated Dena Bank, Sanathnagar Branch, Hyderabad to the tune of Rs.35 lakh/-(approx) in the sanction of temporary ODS and honouring cheques even though there was no balance in the account & issue of credits for the amounts of Pay Orders without any sanctioned limit and without obtaining any securities.

 

            After investigation, a chargesheet was filed in the Designated Court. The Trial Court found the accused guilty and convicted them.

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