Hyderabad, Nov 16 (Maxim News): The Special Judge for CBI Cases sentenced A. Gadhadar, formerly branch manager of Bank of India in Saroornagar to undergo rigorous imprisonment for five years with a fine of Rs. 60,000 and two others Panditi Rajasekhar and Gaddigopula Satyananda Rao for one year rigorous imprisonment with fine of Rs. 10,000 each in a bank fraud case.
A bureau press release said the CBI registered a case against the convicted persons on allegations that they entered into a conspiracy to cheat the Saroornagar branch of the Bank of India. It was further alleged that Gadhadar had fraudulently processed and sanctioned the housing loan applications and disbursed the loan amounts. Subsequently, all the loan accounts became Non Performing Assets (NPAs) and caused a loss of nearly Rs. 37.80 lakh to the bank. (Maxim News)
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