Bank Manager sentenced Five Year Rigorous Imprisonment in Bank Fraud Case

The Special Judge of CBI, Hyderabad has sentenced Sh. A.Gadhadar, Former Branch Manager, Bank of lndia, Saroornagar branch, Hyderabad to undergo Rigorous Imprisonment (RI) for 5 years with a fine of Rs. 60,000, and two private persons Sh. Panditi Rajasekhar and Sh. Gaddigopula Satyananda Rao is to undergo 1 year of Rigorous Imprisonment (RI) with a fine of Rs. 10,000 each in a fraud case related to the bank.

The Central Board of India (CBI) had filed the current case against the accused based on charges that they conspired to defraud the Bank of India, Saroornagar Branch, Hyderabad. Sh. A. Gadhadar, then Branch Manager, was also accused of illegally processing and sanctioning housing loan applications and disbursing loan payments. As a result, all loan accounts became NPA. The bank suffered a loss of approximately Rs.73.80 lakh.

A chargesheet was filed against the accused after an investigation. The accused were found guilty and convicted by the Trial Court.