Hyderabad, Mar 17 (UNI) The XXI Additional Chief Metropolitan Magistrate, Hyderabad, has sentenced two private individuals, K Siva Rama Krishna and N. Mohan Reddy, to three years of rigorous imprisonment along with a total fine of Rs. 30,000 in connection with a bank fraud case.
The Central Bureau of Investigation (CBI) registered the case on August 1, 2013, following a complaint from IDBI Bank Ltd., Specialised Corporate Branch, Hyderabad. The complaint alleged that the accused, including the convicted individuals, conspired to cheat IDBI Bank Limited.
The accused firm, M/s. Siva Constructions, represented by its then proprietor K. Siva Rama Krishna, along with a bank-empanelled valuer and a chartered accountant, submitted inflated valuation reports and false net worth certificates to obtain credit facilities fraudulently. This act resulted in a wrongful loss of Rs. 10.19 crore to the bank.
Following the investigation, CBI filed a chargesheet on June 5, 2014, against the accused individuals. After a detailed trial, the Court found the accused guilty and sentenced them accordingly, a CBI statement said on Monday.
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