Visakhapatnam: CBI court convicts Master Steel Tubes Managing Partner in Bank fraud case
Visakhapatnam, Dec 29 (UNI)- C.N. Murthy, Additional Special Judge Court for CBI Cases, Visakhapatnam pronounced judgment on Friday and convicted M. Sudhakar Rao, Managing Partner, M/s. Master Steel Tubes, Visakhapatnam, in a bank fraud case.
The court sentenced Sudhakar to undergo five years Rigorous Imprisonment and to pay a total fine of Rs.6,000, a CBI release said here.
It was alleged that the Accused Public Servants of Union Bank of India with dishonest and fraudulent intention and by abuse of their official position, conspired among themselves, with Private Persons and Approved Bank Valuers to cheat Union Bank of India, Small Scale Industries Finance Branch, Visakhapatnam and in pursuance of the said criminal conspiracy sanctioned the Cash Credit of Rs.52.50 lakhs, Inland Letter of Credit of Rs.39 lakhs, Term Loan for Car of Rs.2 lakhs, on the inflated collateral and additional collateral securities, forged lorry receipts and invoices and thereby caused wrongful loss of Rs.60,49,227 to the bank and corresponding wrongful gain to themselves.
After completion of trial, the Court convicted the Managing partner, for the offences U/Ss.420 & 120-B IPC.