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Hyderabad: Former bank manager convicted in bank fraud
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Hyderabad: The special court for the Central Bureau of Investigation (CBI) on Tuesday convicted and sentenced a former branch manager at Vijaya Bank,...
Hyderabad: The special court for the Central Bureau of Investigation (CBI) on Tuesday convicted and sentenced a former branch manager at Vijaya Bank, Nampally, to three years of rigorous imprisonment and imposed a fine of Rs 65,000 in a bank fraud case.
In 2006, the CBI registered a case against V P Padmanabh and others on allegations that, while serving as the manager of Vijaya Bank on PG Road in Nampally, he abused his official position as a public servant. In conspiracy with private individuals, he sanctioned and disbursed five home loans totaling Rs 39.75 lakh without verifying the genuineness of the sale agreement, sale deeds, guarantors, and income proofs submitted by the borrowers.
A charge sheet was filed against the suspects, including Padmanabh. During the investigation, it was revealed that he conspired with private persons to sanction and disburse housing loans without verifying the authenticity of various documents. This led to wrongful losses for the bank and corresponding wrongful gains for the suspects. After trial, the court found Padmanabh guilty and sentenced him accordingly. The CBI cited 165 documents that withstood the trial, leading to his conviction.
