A special court today convicted four people and sentenced them to undergo simple imprisonment for four years for defrauding a nationalised bank.
Those convicted by Special Judge for CBI cases Anupama Chakravarthy are Managing Partner of Pothina Tech onstructions Pothina Nageswara Rao alias Nagesh, a partner of the firm Aeturi Naga Kiran, a UCO Bank Manager Jadumani Soren and a construction firm employee Presingu Kiran.
According to CBI officials, in March, 2010, the four had entered into a criminal conspiracy to cheat UCO Bank's Dwarakanagar Branch in the city.
Nageswara Rao, Naga Kiran and Presingu Kiran opened a current account in the name of Pothina Tech Constructions and deposited a fictitious cheque on March 23, 2010 for Rs 353 crore in the account.
The UCO Bank manager Soren colluded with the trio and fraudulently credited the cheque amount to the current account of the firm without sending the cheque for realisation, by debiting the Inter Branch Suspense Account.
However, the fraud came to light when the officials of Zonal Office of UCO Bank in Hyderabad noticed that the entry was reversed.
An inquiry brought out the fraud later.
The four convicts have been sentenced to four years in jail and slapped with a fine of Rs 85,000.