THREE TO SEVEN YEARS RIGOROUS IMPRISONMENT WITH TOTAL FINE OF RS.15.50 LAKH TO FIVE ACCUSED PERSONS

Press Release
New Delhi, 14.09.2017

            The Special Judge for CBI cases, Hyderabad has sentenced Shri C.Karunakar Babu & Shri G.Anantha Kumar (both private persons) to undergo seven years Rigorous Imprisonment with fine of Rs.6,75,000/- each; Shri V.Ashok Kumar & Shri B. K. Manjunath (both private persons) to undergo three years Rigorous Imprisonment with fine of Rs.75,000/- each and Shri G.Sudheer (Private person) to undergo three years Rigorous Imprisonment with fine of Rs.50,000/-

            CBI had registered the case on 28.01.2005 on the allegations that Shri K. V. Sudhakar Reddy, former Branch Manager of Indian Bank, Kongareddipalle, Chitoor branch in collusion with the other accused persons made fraudulent transactions in the FCNR and NRI SB accounts of two residents of UK and misappropriated Rs.1.12 crore.

            After completion of investigation, charge sheet was filed before the Principal Special Judge for CBI Cases, Hyderabad on 31.05.2006 U/s. 120-B r/w 409, 420, 467, 468, 471 of IPC and U/s.13(2) r/w 13(1)(c) and (d) of PC Act, 1988 and substantive offences thereof against the accused persons. Shri K.V.Sudhakara Reddy, Branch Manager, Indian Bank expired during Trial. Hence, charges against him were abated.

            The Trial Court convicted the five accused persons and acquitted two other private persons.









********