CBI court convicts former Chief Manager of Bank of India in bank fraud case of Rs 80 lakh

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bank of india, Jeevangine Srinivasa Rao, ahmedabad, It was alleged that the accused had declared fake collateral security, opened an relationship successful the sanction of a supplier of machinery, and deposited the cheque issued by the slope for the acquisition of machinery successful the said account. (Representational Image)

The Special Judge for CBI cases successful Ahmedabad sentenced Jeevangine Srinivasa Rao, ex-Chief Manager of the Bank of India, SM Road branch, to 3 years of imprisonment and imposed a good of Rs 1.5 lakh successful a slope fraud lawsuit involving a nonaccomplishment of Rs 80 lakh to the bank.

A connection from the CBI connected Tuesday said that it had registered a lawsuit connected October 30, 2003, against Rao and others connected allegations that the accused had committed the offences of cheating, utilized forged documents arsenic genuine for availing recognition facility/loans, forgery of invaluable information and others, nether the Prevention of Corruption Act.

It was alleged that the accused had declared fake collateral security, opened an relationship successful the sanction of a supplier of machinery, and deposited the cheque issued by the slope for the acquisition of machinery successful the said account. Rao allegedly destroyed the documents related to the fake collateral information portion sanctioning it.

The connection further said, “During the investigation, it was besides revealed that accused nationalist servant Rao sanctioned loans by conspiracy to backstage accused persons successful the forms of moving superior of Rs 30 lakh, LC of Rs 25 lakh, and word indebtedness of Rs 25 lakh, based connected forged and bogus collateral information and thereby caused wrongful nonaccomplishment to the bank… to the tune of Rs 80 lakh.”

The CBI had further alleged that Rao had, astatine the clip of granting loans, not made due pre-sanction and post-sanction inquiries astir the accused backstage steadfast and its concern activities.

The CBI had filed its chargesheet connected December 23, 2005.

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