Bank fraud: CBI court awards varying jail terms to 10 accused

New Delhi, Nov 23 A Special CBI court in Hyderabad has awarded varying jail terms to ten accused in connection with a bank fraud case.

The court awarded seven years rigorous imprisonment to Sarath Babu Jelly and Suhas Kalyan Ramdasi, then officials of Bank of Maharashtra, Secunderabad Branch and slapped a fine of Rs 1,10,000 each on them, the CBI said on Wednesday.

Three other accused Donikena Sridhar, Donikena Purna Sri, Marella Srinivas Reddy were sentenced to seven years imprisonment with fine of Rs one lakh each.

Five other accused Marella Laxma Reddy, Vempati, Srinivas, Vette Raja Reddy, Vadde Narasaiah, and Bathula Satya Suraj Reddy, were also awarded varying jail terms with different fine amount.

The CBI had registered a case in 2013 on a complaint that Sarath Babu Jelly and others, while working at bank, had conspired with private companies during the period 2012 and 2013 by sanctioning a working capital limit for Rs 5 crore and subsequently diverted the funds for the purpose other than the sanctioned, on fake and fabricated documents, causing a loss to the tune of Rs 4,57,86,355 to the bank.

After investigation, a chargesheet was filed in 2014 against the accused.

A trial court found the said accused guilty and convicted them.

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