P.V. Jyothirmai, Principal, Special Judge for CBI cases, Visakhapatnam, on Monday pronounced judgment for conviction of five persons involved in a bank fraud case.
The convicted include Balabhadruni Poli Setty, the then Branch Manager of Andhra Bank, Specialised SSI Branch, Gajuwaka, V. Jagannadham, Chartered Accountant and Chairman of Harsharatna Industries, Anipey Veera Venkata Rao, the then Assistant Manager of the bank, Parla Venkateswara Rao, the then Accounts Assistant at Harsharatna Industries and Tanna Achuta Rao, the then Audit Clerk under V. Jagannadham.
Criminal conspiracy
All the five had entered into a criminal conspiracy to cheat the Andhra Bank and Mr. Poli Setty had used his official position to dishonestly and fraudulently sanctioned and disbursed as many as 36 loans to non-existing firms to the tune of Rs. 1,05,85,740, between 2001 and 2003.
All the accused will have to undergo simple imprisonment for a period of three years and have to pay a fine of Rs.2.1 lakh.