Nine people, including former officials from the Anaparthi branch of East Godavari SBI, have been convicted in two separate fraud cases in Visakhapatnam. The total loss to the bank from these cases amounts to over Rs 230 lakh.
In the first case, the first additional special judge court for CBI cases, Visakhapatnam, P Vijaya Durga, sentenced the branch manager and assistant manager of the SBI branch to five years of simple imprisonment in the fraud cases.
The borrowers were also sentenced to two years of simple imprisonment. They were told to pay a total fine of 1.1 lakh.
The branch manager and assistant manager allegedly colluded with borrowers or middlemen in a criminal scheme to cheat the bank by fraudulently processing and sanctioning three KCC (ACC) loans for operating fish ponds at Likithapudi village in Narasapuram mandal of West Godavari district.
The total loss to the SBI amounts to Rs 176.61 lakh. The former bank officials were sent to Central Prison in Visakhapatnam after the sentencing.
In the second case, the managing partner at Sri Lakshmi Prasanna Foods, his wife, and business partner were sentenced to two years of simple imprisonment and a fine of Rs 45,000.
During the years 2010-2011, the three borrowers gathered a credit loan of 60 lakh by submitting fake and fabricated documents. Due to this, the SBI bank suffered a loss of over 60 lakhs.
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