Additional Chief Metropolitan Magistrate found M Ranga Rao, managing director of Jai Kisan Seeds India Ltd, was found guilty of cheating the bank to the tune of Rs 82.72 lakh and also imposed a fine of Rs 60,000, CBI spokesperson said here.
"During 1997-1998, M Ranga Rao, MD of Jai Kisan Seeds (India) Ltd. Had cheated State Bank of Hyderabad and sanctioned credit limits to the extent of Rs 80 lakh (cash credit of Rs 35 lakh, MCT of Rs 10 lakh and LC of Rs 35 lakh) on the basis of forged documents as a token of creating an equitable mortgage and mis-utilised the said loan," the spokesperson said, adding a loss of Rs 82.72 lakh was caused to the bank.
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