CBI court convicts 10 of defrauding Bank of Maharashtra for Rs.4.57 cr

HYDERABAD: A Special CBI court in Hyderabad has convicted ten people of defrauding the Bank of Maharashtra of Rs 4.57 crore through forged documents between 2012 and 2013.

Five of them have been sentenced to seven years of rigorous imprisonment, four to three years of rigorous imprisonment, and one to one year of rigorous imprisonment.

The ten people and six private companies engaged in the case, according to the reports, have cost the Bank of Maharashtra a loss of Rs. 4.57 crore.

The Court also fined Maven Life Scineces Pvt Ltd, Graupel Pharma Pvt Ltd, and Conferro Health Carte Pvt Ltd Rs.1 lakh each, and Hyderabad Tablet Tools, Kiran Impex Pvt Ltd, and Vaishnavi Pharma Chem Rs.50,000 each.

Donikena Sridhar, Marella Srinivas Reddy, Marella Laxma Reddy, Vempati Srinivas, Vette Raja Reddy, Vadde Narasaiah, and Bathula Satya Suraj Reddy are among the ten people accused of fraud.

On March 3, 2013, the CBI filed a complaint against Sarath Babu Jelly, then Senior Manager, Bank of Maharashtra, Secunderabad Branch, and a few others, saying that the accused had conspired with private companies while employed at the bank between the years 2012 and 2013. He sanctioned working capital limits of Rs. 5 crore, but instead of using the money for what was authorised, he diverted it using false and falsified documents, resulting in a loss to the bank of Rs. 4,57,86,355.

Following the investigation, a chargesheet was filed against the accused on August 27, 2014. The accused were found guilty and convicted by the Trial Court on Wednesday.