On March 16, the special CBI court in Visakhapatnam convicted and sentenced two individuals involved in a long-standing bank fraud case. The two misused the bank’s funds worth Rs 1.71 crore for personal use.
On June 13, 2018, a case was registered against the bank’s former clerk cum cashier, Vempadapu Santhoshi Ramu and a private person, Mahanthi Ramana. According to the CBI, the two had misappropriated the funds. An amount of Rs 1,71,41,162 was supposed to be deposited into Cheepurupalli Rural Electric Co-operative Society Limited, a firm responsible for collecting electricity bills from remote areas.
Following the completion of the investigation, on January 10, 2019, CBI filed a chargesheet against the accused. During the trial, the court found both of them guilty of the misappropriation and breach of trust.
They have been sentenced to five years in jail and have been fined Rs 1, 71,42,000.
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