Bank Fraud: CBI Court Convicts Nine Accused Including Then Assistant General Manager, IDBI Bank & Others for Causing Loss Of Rs.99.21 Lakh
Bank – Fraud – CBI – Court – Assistant – General – Manager – IDBI – Bank – TAXSCAN
Bank – Fraud – CBI – Court – Assistant – General – Manager – IDBI – Bank – TAXSCAN
The Special Judge, CBI Cases, Visakhapatnam has convicted 9 accused including then AGM, Assistant Manager, both of IDBI Bank, 5 private persons & 2 private firms.
The Court sentenced Sri SurendranathDatti, then Assistant General Manager-cum-Centre Head, IDBI Bank Ltd., Vizag Retail Asset Centre, Siripuram Junction, Visakhapatnam to undergo two years Rigorous Imprisonment with fine of Rs.60,000/-; Sri Dwibhashyam Karthik, then Asstistant Manager, IDBI Bank Ltd., Vizag Retail Asset Centre, Siripuram Junction, Visakhapatnam to undergo two years Rigorous Imprisonment with fine of Rs.30,000/-; and private persons Sri Buddha Srinivasa Rao, Civil Contractor & Construction Business, Anakapalle, Visakhapatnam District to undergo one year Rigorous Imprisonment with fine of Rs.30,000/-; Smt Buddha Nirmala, Anakapalle, Visakhapatnam District to undergo one year Rigorous Imrisonment with fine of Rs.30,000/-; Sri Kotha Kama Raju, Panel Valuer of IDBI Bank Ltd. & Proprietor, M/s. R.K. Engineers, Visakhapatnam to undergo one year Rigorous Imprisonment with fine of Rs.20,000/-; Sri Belagam Srinivasa Rao, Panel Valuer of IDBI Bank Ltd, Visakhapatnam to undergo one year Rigorous Imprisonment with fine of Rs.20,000/- & Sri Raghupathruni Kanaka Lakshmi Prasad, Panel valuer of IDBI Bank Ltd., Srikakulam to undergo one year Rigorous Imprisonment with fine of Rs.20,000/. The Court has also imposed fine of Rs.60,000/- on M/s Nimble Corporate Services Private Limited, Hyderabad and Rs.30,000/- on M/s Dharshan Management, Visakhapatnam.
CBI had registered a case on the allegations that Sri SurendranathDatti, then Assistant General Manager-cum-Centre Head and Sri Dwibhashyam Karthik, then Assistant. Manager, IDBI Bank Ltd., Vizag Retail Asset Centre, Siripuram Junction, Visakhapatnam in connivance with the borrowers, Panel Valuers & others had sanctioned & disbursed the loans to ineligible borrowers by accepting fake income tax returns, ignoring adverse CIBIL Reports, violating the laid down procedures & norms of IDBI Bank and failing to ensure property security. Thus, the accused caused a total loss to the tune of Rs.99.21 lakh to the IDBI Bank Limited.
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