Bank Fraud Case: Rigorous Imprisonment to Ten Accused

The Special Judge for CBI Cases, Hyderabad has sentenced 10 accused persons to various period of Rigorous Imprisonment (RI) with fine in a Bank Fraud case. Of them, five accused have been sentenced to 7 years Rigorous Imprisonment; four to 3 years’ Rigorous Imprisonment and the remaining one accused to 1 year’s Rigorous Imprisonment. Apart from this, fine have been imposed on six firms in the case.

Accused wise details of sentence include, Sarath Babu Jelly, then Senior Manager & Suhas Kalyan Ramdasi, then Assistant General Manager, both of Bank of Maharashtra, Secunderabad Branch, Hyderabad to undergo seven years Rigorous Imprisonment with fine of Rs.1,10,000/-each; Donikena Sridhar, private person to undergo seven years Rigorous Imprisonment with fine of Rs.1,00,000/-; Donikena Purna Sri, private person to undergo seven years Rigorous Imprisonment with fine of Rs.1,00,000/-; Marella Srinivas Reddy, private person to undergo seven years Rigorous Imprisonment with fine of Rs.1,00,000/-; Marella Laxma Reddy, private person to undergo one year Rigorous Imprisonment with fine of Rs.20,000/-; Vempati Srinivas, private person to undergo three years Rigorous Imprisonment with fine of Rs.10,000/-; Vette Raja Reddy, private person to undergo three years Rigorous Imprisonmentwith fine of Rs.20,000/-; Vadde Narasaiah, private person to undergo three years Rigorous Imprisonment with fine of Rs.20,000/- and Bathula Satya Suraj Reddy, private person to undergo three years Rigorous Imprisonment with fine of Rs.20,000/-. The Court also imposed a fine of Rs. One Lakh each to M/s Maven Life Scineces Pvt Ltd; M/s Graupel Pharma Pvt Ltd & M/s Conferro Health Carte Pvt Ltd and Rs.50,000/- each to M/s Hyderabad Tablet Tools; M/s Kiran Impex Pvt Ltd & M/s Sri Vaishnavi Pharma Chem.

CBI had registered a case on 30.03.2013 against Sarath Babu Jelly, then Senior Manager, Bank of Maharashtra, Secunderabad Branch and others on the allegations that the accused while working at Bank of Maharashtra, Secunderabad branch had conspired with private companies during the period 2012 & 2013 by sanctioning a working capital limits for Rs.5 crore and subsequently diverted the funds for the purpose other than the sanctioned, on fake & fabricated documents, thus causing a loss to the tune of Rs.4,57,86,355/-(approx) to Bank.

After investigation, chargesheet was filed on 27.08.2014 againsg the accused.

The Trial Court found the said accused guilty and convicted them.


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