Principal Special Judge for CBI cases, Visakhapatnam, P.V. Jyothirmai on Friday convicted former manager of Bank of Baroda, Yeditha branch, East Godavari district, M. Syamala Rao and 15 others to five years of imprisonment and imposed a total fine of Rs. 8.9 lakh on them for committing fraud to the tune of Rs. 80.34 lakh.
After the pronouncement of the judgment, all the 16 convicts were sent to Central Prison, Visakhapatnam.
According to a press release issued by Superintendent of Police (CBI, Visakhapatnam) R. Gopala Krishna Rao, during 2005 to 2007, M. Syamala Rao, then branch manager of Bank of Baroda, Yeditha branch, East Godavari district, had connived with 14 private persons and borrowers and fraudulently sanctioned 10 term loans, each to the tune of Rs.9.5 lakh, under the Rural Employment Guarantee Programme (REGP) Scheme of the Khadi and Village Industries Commission (KVIC) for establishing brick units and disbursed loan amounts to borrowers on the basis of fake and forged documents submitted by them. The disbursement caused loss to the Bank of Baroda, Yeditha Branch, to the tune of Rs. 80.34 lakh, the judgment said.
The other accused include Siddabattula Narasimha Murthy, Karri Ramachandra Reddy, Tamalampudi Tulasi, Tamalampudi Gangadhara Reddy, Manne Srinivas.