Additional Chief Metropolitan Magistrate court sentenced K Subramanyam, Managing Director of city-based Sree Carbons (Pvt Ltd) and K S Mohan Rao to one-and-half years of simple imprisonment and slapped a fine Rs 6,000 on each of them.
The duo was found guilty under other relevant sections of the IPC and were also sentenced to simple imprisonment of one year each. However, all the sentences will run concurrently.
Both the accused had produced false title deeds as collateral security in SBI, Bala Nagar Branch to obtain loan of Rs 60 lakh during 1999 and attempted to cheat the bank.
On the complaint of the bank manager, a case was registered by the CID and a chargesheet was filed in 2002, CID Additional Director General of Police S V Ramana Murthy said in a release.
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