Ex-PNB manager sentenced to 7 years RI in disproportionate assets case

A CBI court today sentenced a former branch manager of Punjab National Bank to seven years rigorous imprisonment for amassing assets disproportionate to his known sources of income.

The special court convicted Sh Bora Satya Rao, former branch manager, PNB, R P Road Branch, Secunderabad, and sentenced him for the offence under the Prevention of Corruption Act, a CBI release said.

A fine of Rs 25 lakh was also imposed on him.

The court also ordered forfeiting an amount of Rs 1,34,56,644 to the government coffers and ordered sale of immovable properties in case Rao failed to deposit the amount, it said.

The court ordered appropriating the fine amount of Rs 25 lakh out of surplus money realised on sale of assets.

On July 5, 2011, the CBI registered a case against Rao based on information that he had amassed assets disproportionate to known sources of income to the tune of Rs 30,36,151 during April 2005-January 2008.

During investigation, the CBI unearthed large number of movable assets including fixed deposits in his name, wife, family members and benami holders besides immovable assets, the release said.

The charge sheet, filed on June 29, 2013, stated that Rao was in possession of disproportionate assets of Rs 1,44,64,649 against known sources of income of Rs 76,53,076, it said.

During the trial, 44 witnesses were examined and 305 documents were produced and marked as exhibits, the release added.