SEVEN PERSONS INCLUDING PANEL VALUER & THREE BANK OFFICIALS GOT THREE YEARS OF RIGOROUS IMPRISONMENT FOR CAUSING A LOSS OF RS. 2.06 CRORE TO THE BANK.
In a press release, the CBI said five others, who were sentenced to three years RI, were the proprietor of Spectrum Mercantiles Veli Srinivas, PNB Panel Valuer M. Abdul Mannan, and three private persons – Veli Vanaja, M. Reddy Koti Reddy, and P Manoj Kumar.
CASE HISTORY:- CBI had registered a case on 24.05.2010 against Shri B. Sathya Rao, Chief Manager, Punjab National Bank, RP Raod, Secunderabad, and others on the allegations that the accused had obtained cash credit facility in connivance with the bank officials using the forged & fabricated title deeds as genuine pertaining to immovable properties, audited balance sheets and financial documents.
A loss of Rs. 2,06,72,141/- (approx) was caused to Bank. After investigation, a charge-sheet was filed in the court on December 14, 2012, against the accused
The Special Judge for CBI cases in Hyderabad has sentenced seven persons including the Punjab National Bank (PNB) Chief Manager B Sathya Rao and former Senior Manager Machavaram Venkata Krishna Rao to undergo three years rigorous imprisonment (RI) in a bank fraud case.
In a press release, the CBI said five others, who were sentenced to three years RI, were the proprietor of Spectrum Mercantiles Veli Srinivas, PNB Panel Valuer M. Abdul Mannan, and three private persons – Veli Vanaja, M. Reddy Koti Reddy, and P Manoj Kumar.
The Special Judge for CBI cases, Hyderabad has sentenced Shri B. Sathya Rao, the then Chief Manager, Punjab National Bank, Secunderabad to undergo three years of Rigorous Imprisonment with a fine of Rs. 80,000/-; Shri Machavaram Venkata Krishna Rao, then Senior Manager Punjab National Bank, Secunderabad to undergo three years Rigorous Imprisonment with a fine of Rs. 80,000/-; Shri Veli Srinivas, Proprietor of M/s Spectrum Mercantiles to undergo three years Rigorous Imprisonment with fine of Rs. 80,000/-; Smt. Veli Vanaja (private person) to undergo three years of Rigorous Imprisonment with a fine of Rs. 60,000/-; Shri M. Abdul Mannan, Panel Valuer of Punjab National Bank to undergo three years Rigorous Imprisonment with fine of Rs. 60,000/-; Shri M. Reddy Koti Reddy (private person) to undergo three years of Rigorous Imprisonment with a fine of Rs. 40,000/- and Shri P. Manoj Kumar (private person) to undergo three years of Rigorous Imprisonment with a fine of Rs. 40,000/- in a bank fraud case.