CBI Court Sentenced Two Officials including then AGM of IDBI Bank to 2 Years’ Rigorous Imprisonment

In a case involving bank fraud, the Special Judge for CBI Cases in Visakhapatnam sentenced Shri Surendranath Datti, who was the IDBI Bank Ltd.’s former assistant general manager and centre head at the time, to two years of rigorous imprisonment (RI) and a fine of Rs. One Lakh, as well as Shri Dwibhashyam Karthik, who was the bank’s then assistant manager.

Further, 8 private persons have been sentenced to one year’s Rigorous Imprisonment along with fine of different amounts. These include Smt. Jancy Prasad Kaza (RI of one year with fine of Rs.20,000/-; Shri Kaza Ambika Prasad, Chartered Accountant & Managing Partner of M/s Ambika & Isha, Chartered Accountants, Visakhapatnam(RI of one year with fine of Rs.20,000/-); Shri Kotha Kama Raju, Panel Valuer of IDBI Bank Ltd & Proprietor, M/s. R.K.Engineers, Visakhapatnam (RI of one year with fine of Rs.40,000/-); Shri Yanamala Surya Narayana Reddy(RI of one year with fine of Rs.20,000/-); Smt. Yanamala Sairam Tulasi (RI of one year with fine of Rs.20,000/-); Shri Belagam Srinivasa Rao, Panel Valuer of IDBI Bank Ltd., Visakhapatnam (RI one year with fine of Rs.40,000/-); Shri Gudla Ramesh, M/s. Fine Steels, Visakhapatnam (RI of one year with fine of Rs.20,000/-) and Smt. Gudla Sangeetha (RI of one year with fine of Rs.20,000/-).

It was alleged that Sri Surendranath Datti, the then Assistant General Manager-cum-Centre Head, and Sri Dwibhashyam Karthik, the then Assistant Manager, both employed by IDBI Bank Ltd., Vizag Retail Asset Centre, Siripuram Junction, Visakhapatnam, had conspired with the borrowers, Direct Sales Associates, Panel Valuers, and Engineers to sanction & disburse the loans to ineligible borrowers by accepting false income The accused caused the IDBI Bank Limited to suffer a total loss of approximately Rs. 201.17 lakh.

Chargesheets were submitted against the accused after an investigation. The said accused were found guilty and sentenced to prison by the Trial Court.