AP: CBI court convicts 10 people including two public servants in Rs 201 lakh bank fraud in 3 cases

Visakhapatnam, Dec 30 : The Principal Special Judge Court for CBI Cases, Visakhapatnam, has convicted 10 people including two IDBI Bank (Vizag retail Asset Centre) officers and eight private persons in three cases in bank fraud case to the tune of Rs 201.17 lakhs.
The Judge B S V Hima Bindu sentenced the accused to 1-2 years rigorous imprisonment and imposed a fine ranging from Rs 1 lakh to Rs 20,000, totaling Rs 3.30 lakh on them, CBI-ACBI said in a release here on Friday.The allegation in brief is that Surendranath Datti, the then Asst. General Manager-cum-Centre Head and Dwibhashyam Karthik, the then Asst. Manager, IDBI Bank Ltd., Vizag Retail Asset Centre, Siripuram Junction, Visakhapatnam in connivance with the borrowers, Direct Sales Associates, Panel Valuers and Engineers, by abusing his official position has sanctioned and 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.The accused persons caused a total wrongful loss to the tune of Rs.201.17 lakhs to the IDBI Bank Limited and corresponding wrongful gain to the accused persons. – Surendranath and Dwibhashyam were sentenced to two years imprisonment while the remaining eight private persons — Ms. Jancy Prasad Kaza and her husband Kaza Ambika Prasad, Chartered Accountant & Managing Partner of M/s. Ambika and Isha Chartered Accountants; Kotha Kama Raju, Panel Valuer of IDBI Bank Ltd., Proprietor, M/s. R.K. Engineers; Yanamala Surya Narayana Reddy; Yanamala Sairam Tulasi; Belagam Srinivasa Rao, Panel Valuer of IDBI Bank Ltd., Chartered Engineer & Panel Valuer; Gudla Ramesh, M/s. Fine Steels and Gudla Sangeetha.
(all from Visakhapatnam) — were sentenced to one year imprisonment in bank fraud cases.