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Ex-bank head among 3 jailed for loan fraud
First additional special judge for CBI cases G Sunitha on Tuesday convicted former manager of Bank of Maharashtra, Rajahmundry Gujjula Venkata Shiva Reddy, Krishna Swamy Sridhar, a businessman and K Ananda Rao. All the three were sentenced to undergo simple imprisonment for five years and asked to pay a fine of Rs one lakh each.
Visakhapatnam: First additional special judge for CBI cases G Sunitha on Tuesday convicted former manager of Bank of Maharashtra, Rajahmundry Gujjula Venkata Shiva Reddy, Krishna Swamy Sridhar, a businessman and K Ananda Rao. All the three were sentenced to undergo simple imprisonment for five years and asked to pay a fine of Rs one lakh each.
They were sent to central prison soon after the pronouncement of the judgement. According to a prosecution, in 2001, Shiva Reddy entered into a criminal conspiracy with Sridhar of Chennai and K Ananda Rao of Bengaluru to cheat the Bank of Maharashtra by way of taking the loan by providing fake security papers.
Shiva Reddy later sanctioned a loan of Rs 30 lakh by using forged documents as genuine to Sridhar and Ananda Rao against the security of FCNR (B) deposit of $5,07,000 of two Non-Resident Indians (NRIs) who are residing at Jakarta, Indonesia without their consent and in violation of Bank’s Central Office Circular.
