THREE YEARS RIGOROUS IMPRISONMENT TO THEN BRANCH MANAGER OF VIJAYA BANK AND EIGHT OTHERS FOR CAUSING LOSS OF Rs. 90 LAKH TO BANK


Press Release
New Delhi, 13.04.2018

The Special Judge for CBI cases, Visakhaptnam has convicted S/Sri Bandi Babu Rao, the then Branch Manager, Vijaya Bank, Eluru Road Branch, Governorpet, Vijayawada; Sri Potluri Srinivasa Rao, Real Estate Developer / Builder, Vijayawada; Sri Anumukonda Veera Venkata Narayana Rao, Real Estate Developer / Builder, Vijayawada; Sri Narra Ragu Babu, Real Estate Developer / Builder, Vijayawada; Smt. Chadalawada Srirani, Doctor in A.P. State Govt. Hospital, Vijayawada; Sri Tanneru Srinivasu; Sri Chadalawada Srinivasa Rao, Vijayawada; Sri Khambham Purna Chandra Rao and Sri Cholla Venkata Nageswara Rao, Real Estate Developer / Builder, Vijayawada and sentenced them to undergo three years Rigorous Imprisonment each. A total fine of Rs.1,08,000/- was also imposed to accused persons.

CBI had registered a case on the allegations that during the year 2004-05, Sri Bandi Babu Rao, the then Branch Manager, Vijaya Bank, Eluru Road Branch, Vijayawada, Krishna District colluded with other accused and dishonestly processed, sanctioned & disbursed 11 housing loans based upon false & fabricated title deeds & E.C.s, ITRs etc.  A loss of Rs. 90.6 lakh was caused to the Vijaya Bank. After investigation, a chargesheet was filed against the accused.


The Trial Court convicted the said accused persons and acquitted five persons (who were borrowers).


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