Four get four-year RI, fine in bank fraud

A CBI court here has sentenced four persons to four years rigorous imprisonment and slapped a fine of Rs 30 lakh on each of them in a bank fraud case.
The case launched by CBI's Anti-Corruption branch was that seven persons, including bank employees, conspired to cheat Indian Bank, Overseas Branch, here during 1990 and caused it a wrongful loss.
Jayanthi, Punyavathi, Kasinath and B R Badrinath submitted forged collateral security documents by passing off a property of 12 acres as 120 acres, a CBI release said today.
Based on a false inspection and valuation report, a loan was santioned to a firm represented by these four persons based on forged documents.

Yesterday, Additional Special Judge for CBI Cases, K Venkatasamy, sentenced the four persons to undergo RI for four years and asked each of them to pay a fine of Rs.30 lakh, the release said.
The prime accused S Ramakrishnan, Chief Manager of the bank, was acquitted.
During the trial, N Krishnamurthy, then Manager of Indian Bank, Overseas Branch here, and Srinivasa Rao (valuer) expired and the charges against them abated.