Former Andhra Bank official, two others convicted in loan fraud case
2 July 2016 4:48 AM IST
Former manager of Andhra Bank’s Kothapet branch Yedluri Jaya Paul, owner of Rasi Cotton Corporation RG Ramana Reddy and retired government Executive Engineer K Anjaneya Prasad were convicted.
The judge G Sunitha sentenced Paul and Ramana Reddy to five years’ simple imprisonment and also imposed a fine of Rs one lakh and Rs 1.5 lakh on them, respectively. Prasad was sentenced to six months’ simple imprisonment with a fine of Rs 50,000.
CBI Superintendent of Police R Gopala Krishna Rao said in a press release that the court gave a lesser punishment to Prasad in view of his age and ill-health.
As per CBI’s case, Paul processed a loan application of Rs 42 lakh submitted by Ramana Reddy’s firm on the basis of false documents and recommended open cash credit limit for him despite the objections by senior officers.
The court, however, acquitted TVS Hara Gopal, the then Deputy Manager.
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