Face2News/Hyderabad

The Additional Special Judge for CBI Cases, Hyderabad has sentenced Sh C. Narayanaswamy, then Branch Manager, Bank of Maharashtra, Khairatabad Branch, Hyderabad to undergo seven years Rigorous Imprisonment with fine of Rs. 1,00,000/- and private persons i.e Sh. K. Sridhar, Managing Partner of M/s Divine Galaxy, Hyderabad, Sh. K. Ananda Rao, Managing partner of M/s Divine Galaxy, Hyderabad & Sh. Nanda Gopal, Proprietor of M/s Sufi Impex Inc. Chennai, all to undergo seven years Rigorous Imprisonment with fine of Rs. 75,000/- each. The Court has also imposed a fine of Rs. 1.50 lakh on M/s Amar Data Systems Private Ltd., Bangalore for causing loss to the bank.

CBI had registered a case on 18.03.2002 against Sh. C. Narayanaswamy, then Manager, Bank of Maharashtra, Khairatabad Branch, Hyderabad and others on the allegations that the accused entered into a conspiracy with private persons and sanctioned loans to the tune of Rs. 60 Lakh. An amount of Rs. 44,51,304/- was disbursed against the sanctioned amount Rs. 60 Lakh, which was not recovered as the firm was not functioning at the given address. Thus, the accused allowed the private persons to obtain illegal pecuniary advantage and loss to the bank.

After investigation, a chargesheet was filed on 30.10.2003 against the accused. The Trial Court found the said accused guilty and convicted them.